The Minority in Parliament claimed yesterday, that President Nana Addo Dankwa Akufo-Addo did not account to the nation on the state of the Ghanaian economy.
According to the minority, the account by the President did not reflect the realities of Ghanaians at a time their living conditions were worsening.
President Akufo-Addo in his message, despite acknowledging the difficulties the economy finds itself in, touted the government for delivering on its mandate to make the living condition of Ghanaians better.
The President said the government had been prudent in the utilisation of resources available to it in the areas of roads, health, transportation, communication, the fight against corruption amongst others.
But the Minority said the scorecard of the President after six years in office had been “excruciating hardship” for Ghanaians and that the hardship had been caused by the unbridled borrowing and mismanagement by the government.
“Mr President, there is widespread despair and disenchantment among our people. Millions of Ghanaians are going through unbearable hardship and excruciating pains.
“Our economy is in its worst shape in decades. In fact, Ghana’s economy is bankrupt. We are currently unable to repay our debts. Ghana has officially defaulted in the repayment of its debt since January 2022,” Minority Leader, Dr Cassiel Ato Baah Forson said.
Despite the “obvious” economic meltdown, Dr Forson said the President has refused to take heed to reduce his government to correspond to the economic climate.
On the macroeconomic front, Dr Forson, MP for Ajumako/Enyan/Esiam said Ghana was experiencing high inflationary rate because the government had hugely been funded by the Bank of Ghana.
“Ghana is witnessing hyper inflation largely because, Mr President, your government allowed the Bank of Ghana to print GH¢50 billion for the year 2022 and another GH¢4 billion for the first quarter of 2023.
“Mr President, let it be noted that this is what you used to finance your over bloated government,” Dr Forson said.
Dr Forson said with inflation above 50 per cent, monetary policy rate at 28 per cent, the local currency depreciating by 20 per cent in January 2023 alone, high unemployment and lending rate is at 40 per cent, Ghanaians may be subjected to a harsher economic climate in the future.
“Mr President, our economy is in tatters and this is self inflicted by your government on us. Mr President, this is your score card and his score card is the real state of the economy,” Dr Forson stressed.
BY JULIUS YAO PETETSI & JONATHAN DONKOR