Former finance minister, Seth Terkper, has accused the government of implementing ineffective policies that has poorly affected the country’s economy.
During a media engagement on Monday, August 26, 2024, Mr. Terkper explained that the government’s failure to replace the contingency funds withdrawn in 2015 and 2016, along with other funds, is a significant factor contributing to the current economic struggles.
He also criticized the government’s management of the strategic funds, which has been exausted instead of paying off debts.
The former finance minister highlighted that Ghana’s economic struggles stem from inadequate management. He observed that the government has been persistently borrowing without contributing to the sinking fund, causing it to dwindle further. Mr. Terkper argued that this strategy will only exacerbate the country’s economic problems.
Mr. Terkper’s remarks come at a time when Ghana is grappling with major economic issues, such as substantial debt and revenue shortfalls. He emphasized that a reevaluation of economic policies is essential to stimulate growth and lessen reliance on debt.
The former finance minister concluded by questioning whether Ghana should persist with “bankrupt policies” that could further damage the economy. He underscored the need for a change in economic strategies, echoing former President Mahama’s call for a reevaluation and reset of current policies.