Member of Parliament for Bolgatanga Central, Isaac Adongo has alleged that the Finanace ministry has been starving investors and creditors of needed information to guide their economic decisions for some time now.
According to the outspoken NDC economic guru, the attitude of the Finanace ministry is more likely driven by the lack of a clear narrative about a credible recovery path path for the country as far as its economic transformation is concerned.
In a lengthy statement, the lawmaker has indicated that it is unfortunately these calls and demands for information cannot be wished away as basic economic behavior establishes that a widening information asymmetry occasioned by such a deliberate action can only be costly to Ghana in our present and future endeavors with rippling perceived risk and spread effects.
“The fears of investors have been even more heightened by the recent revelation by a key influence peddler close to the corridors of power of a serious consideration of a “price control” regime, long abandoned by civilized and contemporary economies”.
“Even before this, the scam proposal to cut the budget by 30% and a further 10% of discretionary expenditure both of which would amount to some Ghc31 billion unnerved investors because it was not meaningful” Mr. Isaac Adongo stated.
He added “Additionally, the promise to raise $2billion to shore up reserves when the approved budget for such sovereign financing in 2022 is just $750 million at a time the doors of the international capital market is closed to Ghana further dampened credibility in government action and thought processes. No wonder, no cent of the $2billion has arrived with the cedi in tatters and gasping for breath”.
The Bolgatanga Central MP, however, stressed investors do not believe that the Bawumia-led Economic Management Team has enough depth, self-conviction and agility to get us out of this self-inflicted mess.
“For instance it is quite clear that the much touted E-levy is proving to be a costly regressive action that is constraining full Fintech innovation yet not providing the relief of massive monetary windfalls that this government trumpeted everywhere. It has been underwhelming to say the least” he was quick to add.
He insisted Ghana is in dire need of credible leadership devoid of arrogance in the face of badly sinking ship and that the country’s default outlook is scary and already rated by the CFR sovereign risk tracker amongst the top 10 worse performing countries in the world, some of whom are already defaulting nations with Sri Lanka, our new found peer facing Ghana’s historic economic meltdown between 1979 and 1983 scenario.
Source: Mybrytnewsroom.com/Kwabena Nyarko Abronoma
