The Minority Leader in Parliament, Haruna Iddrisu has stated that President Akufo-Addo’s administration is currently on the verge of multiple crises.
During an interview with Evans Mensah on PM:Express, he explained further that these crises are in the economy, the energy sector and the reeling effect of Covid-19 on the country.
“Nana Addo Dankwah is supervising an economy or a country that is at the precipice of multiple crises; an economic crisis, a Covid crisis and an energy ‘dumsor’ crisis.
“An economic crisis because if you listen to the World Bank, the IMF, Fitch and Moody this is the highest fiscal deficit ever recorded in Ghana’s history of 15.5 per cent.
“The Ghanaian economy is simply not doing well; contractors remain unpaid, there are people who have certificates outstanding from 2016-2020.”
Speaking further on the issue, Mr Iddrisu blamed Ghana’s current fiscal deficit on excessive spending on the part of the NPP administration saying, “When you don’t discipline your expenditure and run fast on profligate spending, you’re likely to get this [outcome].
His comment follows the €170 million grant received by government from the European Investment Bank (EIB) for the new National Development Bank of Ghana
According to the EIB, this “backing represents the largest ever engagement in Ghana by the world’s largest international public bank and most significant support for a national development institution in Africa”.
Once operational in the coming weeks the National Development Bank of Ghana is expected to increase access to long-term finance and boost job creation for thousands of businesses in key sectors, including agribusiness, manufacturing, ICT tourism and other services across Ghana.
The Tamale South MP, however, believes that the setting up of a new bank is unneeded, stating, “What has happened to ADB, what has happened to NIB? Can’t you recapitalise them? Can’t you refocus their mandate and vision to deliver?
“NIB is near collapse, ADB [is] near collapse. You couldn’t even borrow money to save 7 banks that have collapsed, 23 savings and loans institutions, over 220 micro-finance entities. Why didn’t government borrow to save those jobs and save those savings and instead spend a whopping 23 billion and turn around to borrow?” He quizzed.
He advised that President Akufo-Addo focus his energies on working towards a Ghana beyond Covid and not a Ghana beyond aid, as the former is more feasible in the remaining 3 and a half year of his term in office.
“If I were President Nana Addo Dankwah, I will declare a Ghana Beyond Covid and not Ghana Beyond Aid because [for] one, he has a 3 and a half year journey and that journey cannot attain a Ghana Beyond Aid, when he himself runs to the European Investment Bank to €170 million to set up a development bank”.