Former Deputy Information Minister, Mr. Felix Ofosu Kwakye has named the Akufo/Bawumia government the worse government in the history of the country.
“Akufo Addo and Bawumia are the worse managers of the economy this country has ever seen….especially Bawumia who claims is the he is the head of the economic affairs of the country…yet is unable to bring onboard ideas that will take the country out of it economic challenges…instead he’s engaging in a cheap religious politics,” he lamented.
This comes after former President John Dramani Mahama in a Facebook post reiterated calls for a national dialogue as the country prepares for debt restructuring and negotiation for an IMF programme.
“There appears to be no end to the problems with the Ghanaian economy, with the recent downgrade to CCC+/C Junk status,” the Facebook post said.
Speaking in an interview with OilCity Radio in Kwesiminstim- Takoradi, Mr. Ofosu Kwakye stated that despite the government’s inability to uplift the country from its current financial challenges, it has also refused to adhere to suggestions and innovative ideas from the opposition party; National Democratic Congress (NDC) and experts.
“For instance, as a President whose citizens are currently struggling due to mismanagement and the people suggest you reshuffle your Ministers….and you go ahead to insult them …. saying the people calling for a reshuffle are unemployed
“If your citizens are unemployed as you claim…. aren’t you the one responsible for providing them jobs to do?” he queried.
He revealed that due to the country’s debt the International Monetary Fund (IMF) is not willing to negotiate with the government until the debt is settled.
“IMF if is a lending institution …they are the lenders of last resort…if you are in dire need of financial aid and you don’t have any other way…that’s when IMF comes in. Because monies given by the IMF are contributions by the members of the IMF, they ensure that monies given can be paid back by the lenders
“Because of how heavy our current debt is…the IMF is not willing to lend us the money because they know we are not capable of paying….it will take at least eight months to one year before we can have a programme,” he fumed.
According to him, he believes the IMF will instruct the country to go through a ‘Debt Restructure’.
“This means that the government that will have to engage in a dialogue with our creditors for them to agree whether they will let go off some of the money we owe them …that’s the only way IMF can grant us the 3 billion aid we need,” Mr. Ofosu added.
He urged Akufo- Addo to adhere to John Dramani’s suggestion by collating views and ideas from Economic and Governance experts that will help cushion citizens from these economic challenges.
Following the recent report by Standards and Poor, Ghana’s foreign and local currency has been downgraded from ‘B-/B’ to ‘CCC+/C with a negative outlook.
The credit rating agency said the downgrade is due to intensifying financing and external pressures on the Ghanaian economy.
