Ofori-Atta plunged the country into a self-inflicted debt crisis – Sammy Gyamfi


Sammy Gyamfi, the National Communications Officer of the National Democratic Congress (NDC), has accused Ghana’s Finance Minister, Ken Ofori-Atta, of mismanaging the country’s economy.

Gyamfi went on to claim that Ofori-Atta’s actions have led to a self-inflicted debt crisis, resulting in hyperinflation, high unemployment rates, unbearable lending rates, and widespread hardships among the Ghanaian population.

Gyamfi further criticized the Finance Minister for expecting civil servants to abandon their work during business hours to offer support and applause after presenting a hopeless budget in Parliament. He condemned this move as an insult to the suffering people of Ghana and a dire indication of the country’s leadership paralysis.

In his address to Parliament, Finance Minister Ken Ofori-Atta announced that Ghana’s economy, under the leadership of President Akufo-Addo, is now valued at over One Trillion Cedis. This represents a significant increase from the GHc219.5 billion inherited from the previous Mahama administration in 2016.

During his presentation of the 2024 budget statement on November 15, the Finance Minister highlighted the significance of crossing the one trillion Gross Domestic Product (GDP) mark for the first time in the country’s economic history.

“Let me repeat, Ghana’s economy, under President Akufo-Addo, in 2024 final year in office is projected to be valued at over One Trillion Cedis in 2025 from the GHS219.5 billion we inherited in 2016.”

“Our task now is to maintain stability and keep on growing. we are determined to remain on a course of increased growth, currency stability and disinflation over the medium term.

“I am confident that this victory budget will ensure that we boldly walk on a sustainable path toward creating decent jobs and wealth for our people,” the Finance Minister said during the 2024 budget statement presentation on Wednesday, November 15.

“We turned the corner when we completed the IMF first review,” he told Parliament while presenting the 2024 budget statement on Wednesday, November 15.

“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023,” he said.

According to the Finance Minister, Mr. Ofori-Atta, the government has made significant efforts in job creation over the past seven years. The government has invested GH¢32.7 billion to ensure a stable energy supply and support businesses, as well as GH¢25.3 billion to strengthen the financial sector and aid business operations.

In terms of specific initiatives, the Development Bank Ghana has provided GH¢1 billion in competitive financing for the private sector. Additionally, the Ghana Incentive-Based Risk Sharing System for Agricultural Lending (GIRSAL) continues to mitigate risks in the agriculture sector. The government has also supported 100,000 young graduates by investing GH¢2.4 billion in the National Builders Corps (NABCO) program to help them gain workplace experience and employment.

Furthermore, GH¢7.1 billion has been allocated to improve road and transport infrastructure, aiming to enhance connectivity and productivity. Additionally, GH¢541.5 million has been invested in 169 1D1F enterprises to promote value addition and create 140,000 additional jobs. Overall, the government has created over 2.3 million jobs, with approximately 900,000 in the private sector and 1.4 million in the public sector.

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Ngamegbulam C. S

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