Economic recovery measures cosmetic; they’ll only deliver misery – Adongo

The Member of Parliament for Bolgatanga Central, Isaac Adongo, says the government’s announced economic recovery plan will not deliver any tangible result beneficial to Ghanaians.

According to him, the measures are only cosmetic and do not address the fundamental challenges of the economy.

Speaking on Eyewitness News, the legislator said the economic recovery plans of the government will only worsen the economic situation in the country.

“I was quite certain that nothing really was going to happen, and they are going to allow the economy to manage itself. The measures that they have announced are just cosmetic. They have rattled the market and the market is very jittery… This is the level of desperation, and you find the Minister for Finance and cabinet go and waste taxpayers’ money at Peduase and deliver nothing other than misery,” he said.

The Minister for Finance, Ken Ofori-Atta, on Thursday announced measures taken by the government to revive the economy which is suffering several challenges including inflation, depreciation of the cedi, difficulties in payment of debts, among others.

He highlighted twelve points for cutting down public expenditure, including a moratorium on the purchase of imported vehicles and foreign travels by public officials.

He also indicated plans to generate more revenue, including impressing on Parliament to pass the E-levy.

Mr. Ofori-Atta also indicated plans to inject $2 billion into the economy in the next 2 to 6 weeks.

But according to Adongo, the plan to inject dollars into the economy will only worsen the situation.

He argued that the government is only going to compound Ghana’s debt situation.

“This government is addicted to the abuse of borrowing, and they have a withdrawal problem so even when they are coming to tell us something that will reduce the debt, they are adding more debt including unapproved borrowing.”

He accused the Finance Minister and the Vice President, Dr. Mahamudu Bawumia, who is the head of the economic management team, of incompetence as he believes their suggestions on improving the economy will fail.

“He [Bawumia] is over flocking his incompetence. If after five months you have a government policy [E-levy] that the people are resisting, and you say that is the only one you know, this is equivalent to not even being able to think inside the box,” he said.

He further indicated that the minority will soon respond to the finance minister’s address.

“We will deliver a quick response within 24 hours. [For Bawumia] Now we know his level. We know he doesn’t have the competence he claimed. We know, and we have seen, the naivety with which he placed the lives and the economy into. He has failed us,” he said.


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