A former Deputy Minister for Finance, Kwaku Kwatey says Ghana’s economic challenges for years now is as a result of economic mismanagement by successive governments.
According to him, “we have been running our country’s economy like a Ponzi scheme.”
“The economic problems Ghana is facing today, at both the national level and in households, are also the cumulative effects of many decades, spanning different governments, of the bad politics and economic mismanagement that have characterized the governance of our country.
“Since independence, we have survived by constantly overspending our means and borrowing to finance the overspending. And many of these expenditures are just bad prioritization/
“We always offer higher interest to lenders, borrow more, use a part to repay previous debts, and the rest to pay for the current year’s overspending. So, we have been running our country’s economy like a Ponzi scheme. The economy is struggling today because lenders are now refusing to lend to us. It is just like a Ponzi scheme going into crisis once people stop depositing their monies with them”, the Obuasi West lawmaker disclosed in a statement.
He continued: “To break the eight therefore, we must first break that norm by doing the following: Acknowledge the past and present failures of the political class to provide the kind of quality leadership required to avert the mess in which we find our country today.
“Adopt deep and far-reaching reforms to address the decades of bad politics and economic mismanagement. We must convince voters that we shall be ruthless in our determination to fix this country, that we shall stay the course no matter the challenges, and that, there shall be no sacred cows!”
