Former Deputy Finance Minister, George Kweku Ricketts-Hagan, says the managers of the economy do not understand the economy they are managing.

His comment comes on the back of the 2022 Mid-Year Budget Review which was delivered on the floor of Parliament, July 25, by the Finance Minister, Ken Ofori-Atta.

According to him, the failure of the government to tackle the issue of balance of payments in the Mid-Year Budget Review gives a clear indication the government cannot restore economic and financial stability especially as the country’s debt continues to balloon.

He noted that the balance of payment issue was most critical and if left outstanding could prove disastrous for the country’s economy.

Speaking on JoyNews’ PM Express, Mr. Ricketts-Hagan said he had hoped that a $750 million loan agreement Parliament had approved for the government to finance capital and growth-related expenditures in the 2022 budget would have been used to settle the balance of payment issue.

“The $750 million that we approved was also part of the budget of 2022. It’s the $250 million dollars that was not part of the budget. So basically, one of the reasons why we did not approve the $250 million is that we were expecting them to come to the Mid-Year Review with that $250 million if they wanted extra money but he didn’t mention. I don’t know, I heard they were going to bring it, but for some reason they didn’t mention it.

“Now the $750 million I thought they were going to get it to address a balance of payment issue but then the money is now going into some of these their fanciful projects with the balance of payment issue still outstanding.

“It gives a clear indication that this government or the managers of the economy don’t actually understand the economy that they’re managing. Because the balance of payment issue is the most critical issue if not addressed,” he said.