Economic crunch: Ofori-Atta is the problem, he must resign – Sammy Gyamfi

Government admits economic challenges

Ken Ofori-Atta announce stringent measures to deal with challenges

Minority MPs unhappy with government proposed plans

Communications Officer of the opposition National Democratic Congress, Sammy Gyamfi, has said the Finance Minister,

Read full article.target='_blank' href='/GhanaHomePage/people/person.php?ID=3400'>Ken Ofori-Atta, should be blamed for the economic crunch the country finds itself.

According to him, the Finance Minister has plunged the country into unsustainable public debt which he thinks is the cause of the economic challenges.

Speaking on Good Morning Ghana, Mr. Gyamfi alleged that the finance minister’s company received transaction advisor fees whenever the government went on the capital market to borrow.

He further contended that the finance minister had reached the apex of his economic management and could not offer the country anything better.

Consequently, Sammy Gyamfi said Ken Ofori-Atta should resign.

“It is a fact that the man Ken Ofori-Atta has reached his economic saturation point. He has nothing better to offer this country. Instead of presenting long speeches laced with Bible quotations and all that, he should be preparing and handing over his resignation letter.

“He is the main reason for the problem we have on our hands because as I explain to you, the main reason why we find ourselves in this financial-economic cul-de-sac is because of our unsustainable public debt. Who caused it? It is Ken Ofori-Atta.

“This man continued to borrow and borrow because for every dollar he borrowed on the capital market, his own company was getting a percentage of that in transaction advisor fees,” Sammy Gyamfi said.

Finance Minister, Ken Ofori-Atta, on Thursday, announced the government decision to among other things slash the salaries of political appointees by 30%, cut fuel coupons by 50%, and freeze V8 imports as part of efforts to address the economic downturn.

This is after the President, Nana Addo Dankwa Akufo-Addo, over the weekend held a quarterly cabinet retreat at the Peduase Lodge to decide on ways to mitigate the current economic challenges.

The economy in recent times has witnessed a downward spiral.

Many economists have cited the depreciating Cedi, increase in fuel prices and general cost of living as pointers to this claim.

Some analysts have asked the government to seek an IMF bailout programme, however, the government has shot down the proposal whiles banking its hopes on the E-Levy.