Ghana’s economy can run, not crawl – Osafo-Marfo

Senior Minister-designate Yaw Osafo-Marfo has lamented the poor management of the economy, indicating that the economy of the country should be “running and not crawling”.

He was optimistic that the New Patriotic Party (NPP) government would do a diligent job in propelling Ghana’s economy to higher heights.

Mr Marfo, who appeared before the Appointments Committee on Friday January 20, stated that with prudent management of the economy, enough funds could be raised to address many challenges.

According to him, “fundamentally, Ghana's economy is strong”, adding: “What is left is the management of the resources. Debt-servicing is seven per cent of GDP, growth is three per cent of GDP. Teachers and nurses’ allowance is 0.1 per cent of GDP, so you can more than pay those allowances if you manage resources well.”

Mr Marfo also indicated that the Akufo-Addo-led administration would re-examine the International Monetary Fund (IMF) programme subscribed to by the erstwhile National Democratic Congress (NDC) government.

According to him, the IMF programme will hinder the plan of the government to develop the country, hence aspects of the IMF programme will be scrapped.

Mr Marfo, who appeared before the Appointments Committee on Friday, January 20, stated that the IMF deal “will certainly be reviewed” because “the current programme literary squeezes all the fiscal spaces” that Mr Akufo-Addo needs to implement programmes in his manifesto.

He further explained: “Most targets set between the IMF and NDC government have been missed, so whether we ask for it or not the IMF would themselves want the programme reviewed, because if we talked about ensuring that your growth at the end of the year being is 5.3 per cent and your growth at the end is 3.3 percent, then it is way out.”