The current economic challenges didn’t begin today, they can’t be wished away with patriotic pleas – Terkper
Feb 9, 2023 8:20 AM
Former Finance Minister Seth Terkper has told the government to show remorse for the bad decisions that were taken leading the country to the current economic problems.
In the view of Mr Terkper, the current challenges which he said did not start today cannot be solved through pleas from the government.
In a tweet, Mr Terkper said “Some empathy and regret will help the correction, yet it seems missing. The present state of affairs did not begin in the present. So it can’t and must not be wished away with patriotic pleas. When the citizens’ alarms at the state of affairs were ignored, being corky went global.
“We exited programmes with fanfare but did u-turns for COVID loans and Special Drawing Rights. We aborted the Debt Suspension plan yet plead today with eminent patrons of the same bodies and schemes to help restructure our elevated debt. We pray too, as we consult restive domestic patrons. Truth dawns.”
He added “It is partly our propensity to expand expenditure, with stagnant revenues. Then, to longer able to borrow, BoG steps its financing of the deficit [from zero]. With depleting BOG domestic & external reserves, the outcome is not only inflation but currency devaluation and default.”
He was reacting to Finance Minister Ken Ofori-Atta who has pleaded with the pensioners to accept a 3.5% cut and accept the new terms of 15% coupon rate and 5% maturity.
“We really feel that government has listened, there is humanity to us, we are protecting the destitute, widows and the orphans and the older people who have worked for this nation. We are in a crisis, we cannot put our heads under the sun and pretend that we are not.
“We need to be mindful that we really need to be successful in going to the fund by this March to avoid what we all experienced last year which we all don’t want to experience again,”he said while addressing Pensioner bondholders who have resisted their inclusion in a domestic debt exchange programme on Monday, February 6.
In a statement he further released Mr Ofori-Atta said that as a government, the singular motivation “for taking this rather difficult road is to restore macro-economic stability, achieve debt sustainability and get the economy fully back on track. We know that these are necessary pre-conditions for creating jobs; safeguarding and enhancing incomes; fostering inclusive growth; and restoring hope to Ghanaians.”
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Through collective hard work and discipline, coupled with the abiding and abundant grace of the Almighty God, he said the government has been focused on avoiding a full-blown economic crisis.
“Indeed, the Grace of God assures us that ‘Surely there is a future, and your hope will not be cut off.’ Proverbs 23:18 ESV,
“Our remarkable progress with the on-going International Monetary Fund Programme is a significant boost to our recovery efforts. Continuous progress will steer us further away from the slippery precipice we recently faced. Therefore, the momentum must be sustained,” he said.
Considering the importance of a sustained economic recovery backed by an approved International Monetary Fund (IMF) programme in the first quarter 2023, he said, it is crucial for groups and individuals to consider the merit of the enhanced DDEP, as well as the need for economic stability; and sign up by tomorrow to make it a successful one.
“Let every Ghanaian be encouraged that the DDEP will bring us to a place of stability, economic recovery and transformational growth. We must do this together.
“Government on its part is resolved to continue to undertake all necessary fiscal adjustments that would ensure that our sacrifices will pay-off and the collective good is upheld. Let each and everyone play their part.
“These are difficult times, no doubt, but if we hold on together, we can and we will emerge from this more resilient and more united than before. Then we shall, together, continue rebuilding our economy again; and enable businesses to thrive again; and bring back hope and cheer to our homes again.”
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