Alex Mould, a former CEO of the Ghana National Petroleum Corporation (GNPC), claims that President Akufo-Addo’s government has run out of economic management ideas.
Mr. Mould asserts that the government’s inability to reduce expenditures is largely to blame for the current state of Ghana’s economy.
The World Bank has expressed concerns that the situation could worsen by the end of the year as government borrowing has increased to more than one hundred percent of GDP.
On Thursday, October 6, 2022, while discussing Ghana’s ailing economy on The Pulse, the former GNPC boss stated, “the government is in a pickle and I think they have run out of ideas, and I think they really need help.”
“They (the government) should have cut their expenditure, especially on discretionary spending, their landmark policy programmes that do not add anything to our GDP, they should have looked at the sectors that we should have invested in (agriculture) so that we do not have the kind of inflation we are having now,” Mr. Mould noted when asked how an immediate solution could be developed.
“Savings will be stifled by any government that cuts individuals a haircut.Because banks are the intermediaries for loans to these businesses that require working capital, if there are no funds, these businesses will also fold up, resulting in job losses, he cautioned, “if you stifle savings, people will not put their monies in banks and that is going to have a ripple effect on the economy.”
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