Ghana’s economy in coma – Donkor Fuseini laments

THE GHANAIAN economy has been likened to a critically sick person in coma and in need of an urgent and intensive care by persons with expertise.

Donkor Fuseini, former District Chief Executive (DCE) for Sekyere Afram Plains, made this assertion and blamed the situation on what he described as lack of proper leadership by the New Patriotic Party (NPP) led government.

“The economy is now in coma after leaving the life support system. The President Akufo-Addo-led New Patriotic Party (NPP) government has plunged the country into a great mess. “The economy was on life support system but it has now been sent into coma and there is no hope of recovery”, Donkor Fuseini said on Akoma FM in Kumasi.

He pointed out that virtually all the assets of the country have been used as collateral by the NPP government.

“Everything in Ghana has been used as collateral now, China has shockingly taken our cocoa for 10 years. “Road Fund is gone and GETFUND has also been used as collateral and there is no hope for the state”, he fumed.

Donkor Fuseini said now the Value Added Tax (VAT), which was introduced by the National Democratic Congress (NDC) some years ago, “is the only thing sustaining Ghana”.

Mr. Funeini’s statements comes not long after the NDC 2020 Presidential candidate, former Presient John Mahama, issued a statement which said Ghana’s economy is in crisis and he also blamed the situation on what he described as “profligate” spending by the current government.

Portions of John Mahama’s Statement noted:

“There is no dispute that the Ghanaian economy is in deep crisis, a crisis marked by huge budget deficits, an unsustainable public debt, rising inflation, a rapidly depreciating currency, ever rising cost of living and a loss of confidence by both domestic and international investor communities.

“The effects of these have been severe hardships and suffering for the people of Ghana, especially those within vulnerable groups. As a result of the horrendous low point we have now reached, it is very clear that urgent intervention is required to avert a total collapse of the economy.

“Yet, President Nana Akufo-Addo and his Head of the Economic Management Team, rather appallingly, remain nonchalant in the face of this serious crisis and have limited their response to the imposition of very harsh and regressive tax measures, one of which is the E-Levy, which has been roundly rejected by the people of Ghana.
“Like one drowning and yet clutching at mere straw to stay afloat, this government has banked all its hopes on the E-Levy, which, given the gravity and depth of the problems that have beset our economy, is neither adequate nor viable as a sustainable response to the crisis.

“In the face of this serious crisis, government has also resorted to unhelpful political posturing over suggestions on how to stem the downward spiral, ensure discipline and help the economy to recover.
It is painfully obvious that beyond the ill-conceived E- Levy, the Akufo-Addo administration has no viable or credible plan of action to get us out of the current economic doldrums into which they have plunged us; meanwhile, there can be collective buy-ins from the Ghanaian people, development partners and the investor community that are being ignored.

“How come we do not have a much needed Post-COVID-19 Economic Recovery Plan that would lay down a firm blueprint for fiscal consolidation in the face of a worsening economic situation?”