A former Deputy Information Minister under the National Democratic Congress (NDC), says government has failed to grow the economy as it preached in its 2016 manifesto.
Felix Kwakye Ofosu explained that the current economy is the lowest recorded throughout the fourth republic.
“Since 2017, they have not grown this economy in double digits. Their highest growth was 8.1%, half of which was induced by oil. Since then, it has been declining. This year, they will superintend the worst economy in Ghana’s fourth republican history, in fact in the last 37 years”, he said.
Speaking on Joy FM’s Super Morning Show Thursday, the former Deputy Minister argued that the New Patroitic Party (NPP) led government had increased the country’s debt stock.
He explained that this is because of its borrowing to save the crippled economy.
According to him, the state of the economy was so bad that when Covid-19 struck, there was nowhere to fall.
This subsequently led government to go back to the International Monetary Fund (IMF) which is had claimed to have ‘weaned’ the country off.
“The deficit this year will go to 11.6% even if we were to accept their figures. The exchange rate has suffered a catastrophic decline under them.”
“They have added a staggering ¢140 billion to our debt after promising in their manifesto (page 13) that they were going to reduce borrowing,” he told host of Joy SMS, Kojo Yankson.
He stated that there were other African countries that were equally struck by coronavirus but are still experiencing growth in their economy.