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Ghana's economy is in distress -Kweku Kwarteng

The Member of Parliament for Obuasi West, Kwaku Kwarteng has downplayed the Minister of Finance and Economic Planning, Seth Terkper’s assertion that government’s economic policies are working.

The Minister while presenting the supplementary budget and the 2015 budget review to Parliament on Tuesday, stated that the Mahama-led administration is committed to making the governing National Democratic Congress’ (NDC) transformation agenda for Ghana a reality.

The Minister also highlighted some measures, [including a boost in power supply, utilising petroleum resources to set up funds for infrastructure] that government is undertaking to ensure economic growth.

However, the MP in a rebuttal said the current state of the economy is the complete opposite of what Seth Terkper presented in Parliament.

The Obuasi West legislator believes the economy is rather in distress and getting worse every day.

Speaking on Eyewitness News, the MP further pinpointed some factors such as the inflation rate, debt rate, prices of goods and services to justify his position on Ghana’s economy.

“First, our total debt as of May had escalated to 90 billion Ghana cedis. That was from May. If you look at the loans that we have approved and the borrowing from the domestic market government has done, we probably will be exceeding a hundred billion Ghana cedis that will be in excess of 70 percent of GDP,” he said.

“The rate at which the GDPs expand; at the beginning of the year, government projected that it will do 3.9%, but today the Minister said we are sorry, but we don’t think we can do 3.9, we can only do 3.5%. inflation.”

Mr. Kwarteng, therefore, emphasized the need for government to be sincere about the current state of the economy and take austerity measures to address challenges impeding the country’s growth rather than painting a picture that is non existent.

“We should be talking about why the country’s economy is worsening.Terkper said we have gone for more money to put into the economy. This is why we should be worried.”

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