Dr John Ampontuah Kumah, the Deputy Minister of Finance has negated claims by National Democratic Congress (NDC) that the economy is in crisis and requires urgent fiscal measure. He thus, described the claims by the NDC as an exaggeration and false.
Reacting to the statement by the biggest opposition party, Dr Kumah noted that the economy is not a crippling one as painted by the National Democratic Congress (NDC).
“I think this exaggerated looming picture of Ghana’s economy is out of place. I think the NDC is just in a hurry to create a picture as if the economy is out of control, I mean it is far from that.”
Dr Kumah
According to the deputy Finance Minister, “Ghana’s economy has produced the highest level of cocoa in the history of our country. That is not a crippling economy instead depicts a thriving economy.”
“When you talk about cocoa and its impact on our GDP, the strength of our economy, we are talking about large base millions of farmers who have just received the premium pricing in the cocoa and also experiencing an increase in volumes of production. So that should immediately tell you that this is an economy that is doing well and on course to have a positive impact on the GDP of the country.”
Moreover, Dr John Kumah warded off suggestions by the Minority in Parliament that Ghana needs to seek debt relief from the International Monetary Fund (IMF), calling the suggestion by the NDC as lame.
“The NDC’s solution is for Ghana to go back to IMF. That is a very lame suggestion to give to us. I can tell you we are not going to IMF today or tomorrow, not as far as this government is concerned. Maybe when the NDC comes back to power in future and they want to take Ghana back to the IMF, we will do that.”
Dr. Kumah
He further stated that Fitch solutions has cited the Ghanaian economy as the fastest growing economy or recovery economy in the sub-Saharan Africa. He also noted that the government of Ghana was commended in the IMF report for its efficient handling of the Covid-19 situation.
“In fact they named Ghana as one of the few nations in the world that have competently managed the difficult economic situation globally. So, you cannot take the credit from this government. Indeed, in the midst of all these difficulties, Ghana has done well.”
Dr Kumah
Meanwhile, according to the Minority, Ghana will face a deeper economic crisis, during which government will not be able to service its debt by February 2023, if the country does not apply for debt relief.
“The Ghanaian economy has been driven into a ditch and will require an urgent fiscal measure to pull out from the ditch. We expect the government to seek urgent debt relief from the IMF, through the newly proposed Debt Relief Initiative known as, the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI), which can be likened to the HIPC Initiative.”
Dr Cassiel Ato Forson, ranking Member on Parliament’s Finance Committee.
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