Reckless borrowing and profligate expenditure cause of hardships – Minority

The Minority in Parliament has blamed the Akufo-Addo-led administration for the country’s current economic woes, which have resulted in an IMF bailout.

Although the government has attributed the current hardships to the twin global issues — COVID-19 and the Russia-Ukraine war, the Minority insists reckless borrowing and profligate expenditure are the cause of challenges.

They, therefore, want the government to take full responsibility and stop the needless comparison with the erstwhile Mahama-led administration.

Minority Leader Haruna Iddrisu addressed the media after sitting on Wednesday, 6 July 2022.

“They must take full responsibility and focus on expenditure reduction, particularly focusing on social interventions while they reduce their profligate expenditure. What is of concern to the NDC Minority is that they arrogantly rejected every reasonable and constructive suggestion from us and other well-meaning Ghanaians.

“President Akufo-Addo and Vice President Mahamudu Bawumia must take full responsibility for incompetently managing the economy to suffocate debt levels, which has necessitated the retreat for us to negotiate with the IMF for the restructuring of our debt.

“As they take full responsibility, they should also take responsibility for their reckless and irresponsible borrowing and unjustified expenditure which has led us to the journey of retreat. This administration has lost its credibility so must start parking and get out of office,” the Tamale South MP said.

Adding his voice, the Ajumako Enyan Esiam MP, Cassiel Ato Forson, said the current hardship is indeed self-inflicted and a mess created by the current administration.

Meanwhile, a team from the fund led by Mission Chief, Carlo Sdralevich arrived in Ghana on Tuesday and has since commenced in-person engagements with officials of the government.

President Nana Addo Dankwa Akufo-Addo is expected to lead a task force of economists, ministers, and advisors. At the same time, the Ministry of Finance will put together a team of economists, finance, and social technocrats for the discussions.

The government hopes to secure about US$2 billion from International Monetary Fund to shore up the country’s reserves and build buffers to mitigate the hardships in the country.

The discussions are scheduled for 6 July 2022 to 13 July 2022.