Mahama Has No Solutions To Economic Problems - John Kumah

Mahama Has No Solutions To Economic Problems - John Kumah

 

 

Deputy Finance Minister John Kumah says opposition National Democratic Congress (NDC) has no solution to challenges facing the Ghanaian economy. According to him, despite the consistent lamentation by opposition party, they offer no fresh ideas for the resolution of the problems. John Mahama has come on a complaining

 

spree and he’s shown that he doesn’t have any master plan as far as economic growth is concerned. We know that he [John Mahama] is also not coming with any new ideas. We have stayed on course and have also shown competence in the management of this country. The NDC is not giving us any answers. All they’re doing is

 

 

crying. They should tell us what new ideas they have. We know the banking crisis he [ Mr John Mahama] left behind and graduates couldn’t be employed. We have the answers and we’re working at it. John Mahama has shown that he doesn’t have any new ideas, Mr Kumah said. The comments come on the back of the economic

 

 

forum organized by the NDC on the Monday. The forum addressed by the former President John Mahama and the former Finance Minister Seth Terkper criticised the handling of the economy under President Akufo Addo. Mr Mahama said the NPP government must accept that the mismanagement of the economy, and the desire to

 

 

spend beyond the means of the government in order to win elections have plunged the country into the current crisis. Yes, COVID-19 affected the economy, and no one can dispute that. It is however not the main reason why we are in the current hole we find ourselves. COVID19 only became a pretext for reckless election-related

 

 

spending, which also produced the largest-ever budget deficit in the recent economic history of Ghana last year. Mr Mahama stressed; Our debt has ballooned to unsustainable levels- topping 80% of GDP- exposing us to very high risk of debt default. Almost all of our tax revenue is used to service our debt and the effect has

 

 

been the introduction of several new taxes. This has led to rampant increments in the prices of goods and services. This is primarily responsible for the hardships Ghanaians are going through now. A comparison with our neighbours and peers in Sub-Saharan Africa, all of whom were also affected by the COVID-19, shows they

 

 

have been able to protect their citizens from COVID-19 in ways that are similar to ours too. They have however avoided increasing their debts and deficits because of more prudent management of their economies. This government must accept it is their mismanagement of the economy, their thirst for consumption expenditure

 

 

and the desire to spend beyond our means in order to win elections that have also plunged us into the current crisis, not necessarily the COVID-19. This has been the luckiest government under the fourth republic.