Akufo-Addo Accused of Behaving Like A Rich Sultanate In The Gulf: “Cathedral Is Example Of Spending Spree”

• A policy analyst has said Nana Akufo-Addo and his finance minister have been running Ghana above its means
• Bright Simons says the president is running Ghana like a rich sultanate in the gulf when it was borrowing to stay afloat
• Bright Simons made the comments in a Bloomberg article that looked at how Ghana has failed to live up to its promise

President Nana Akufo-Addo has been cited for what critics say is unsound disbursement of scarce state funds under his administration.

Bright Simons of the influential think tank Imani Centre for Policy and Education has told Bloomberg that Ghana under the current president has been living above its means.

“[The cathedral project ] is the perfect example of the spending spree: Ghana behaving like a fabulously rich sultanate in the Gulf rather than a developing country just attaining frontier market status,” Simons told Bloomberg.

Read also

“There’s nothing hidden”: Sir David Adjaye breaks silence on National Cathedral brouhaha

The article by the global business news reporter analysed how governments in developing countries, particularly Ghana have failed to take advantage of growth opportunities.

The article noted that Ghana was a magnet for foreign investment, pitching itself as business-friendly and politically stable, but now conditions in the economy tell a different story.

Ghana's national cathedral project remains the most controversial project under the current government.

Despite public opposition to the project because it is unnecessary, the government has spent close to half a million Ghana cedis on the project.

Ghana is currently seeking a $3 billion relief programme from the International Monetary Fund (IMF) to correct balance of payment anomalies and restore investor confidence in an economy hit by spiraling inflation and a depreciating local currency.

Read also

Economic Crisis: Chief of Staff assures Ghanaians 2023 will be better

A domestic debt restructuring programme has been proposed by finance minister Ken Ofori-Atta to deal with unsustainable debt situation. The programme has resulted in haircuts on the investments of bondholders.

‘Haircut’ Costs Franklin Cudjoe Over GH¢100K: “It Will Take At Least 8 Years For The Current ‘Economic Mess’”

Meanwhile, YEN.com.gh has reported in a separate story that Franklin Cudjoe, the founding president of Imani Centre for Policy and Education has shared his moving story about how he lost over GH¢100,000 on his investment due to the debt restructuring programme.

He posted on Facebook that the country is in for a long period of disruptions to investments.

He said on Facebook that it could take as long as eight years for the current economic disruptions to normalise.

Source: YEN.com.gh