Akufo-Addo Could Have Saved Ghana From Economic Crisis If He Had Listened To Wise Counsel – Ato Forson
- NDC spokesperson on finance Cassiel Ato Forson has said had Nana Akufo-Addo listened to the party, NGO and civil society the current economic crisis would have been prevented
- He said Ghana is likely to plunge further into a deeper crisis in the coming days unless robust economic decisions are taken by managers of the economy
- Speaking at a forum on Ghana's economic challenges on Thursday evening, he said evidence points to the fact that Ghana has become insolvent
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find “Recommended for you” block on the home page and enjoy!
Opposition NDC spokesperson on Parliament's Finance Committee Dr Cassiel Ato Forson has blamed the president for Ghana's economic crisis.
The ranking member on the finance committee of Parliament said the president failed to listen to sound advice from seasoned economists and politicians who had foreseen the impending economic crisis.
The made the comments on Thursday, October 27, 2022 when he opened the floor for the address by former president John Dramani Mahama on Ghana's economic challenges. Dr Forson spoke on "Getting Ready for a Crude and Painful Haircut: The Consequence of Economic Management".
"Ghana will need to take a very bitter pill to address this cancer of national embarrassment and undeserving albatross arising from economic mismanagement.
"If this administration had heeded the wise counsel from the NDC, some civil society organizations (CSOs) and well-meaning Ghanaians, we wouldn’t be here," Dr Forson said.
PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!
The opposition party and civil society organisations had in the past advised Akufo-Addo against excessive borrowing, the huge size of his government and corruption.
Ghana's economic crisis has been characterised by skyrocketting inflation, a depreciating cedi and rampant fuel price increases. These have caused the cost of living in Ghana rise astronomically and eroded incomes and business capital.
According Dr Forson, there is strong evidence that finance minister Ken Ofori-Atta has been reckless with borrowing, thereby causing the current economic meltdown.
"Our unsustainable debt levels have led rating agencies to describe Ghana as a country where debt default is imminent with very little prospect for recovery. These rating agencies are likely to downgrade Ghana further to D in the coming months because of an obvious and pending debt restructuring," he said.
He said the situation is so bad that Ghana currently cannot repay its debt according to the finance agreement and provide public goods at the same time.
"Ghana is simply insolvent in other words bankrupt," he said.
Fuel Prices Shoot Up: Prices Increased From GH¢13 to GH¢14 As Expert Predicts Imminent Shortage
Meanwhile, YEN.com.gh has reported that fuel prices in Ghana have increased twice in October 2022, threatening to further increase food prices and transport fares in the coming days.
The second increase in the price of petrol and diesel has happened days before the second pricing window on October 30.
According energy expert Duncan Amoah a third increase in petrol and diesel will happen on October 30.
He also said a shortage of the product is looming as BDCs struggle to get dollars to import the products.
New feature: Сheck out news that is picked for YOU ➡️ find “Recommended for you” block on the home page and enjoy!