Sack Ken Ofori-Atta, he's impoverishing us – Economist

Ken Ofori Atta Minister Of Finance 768x808 1.png Finance Minister, Ken Ofori-Atta

Mon, 21 Mar 2022 Source: classfmonline.com

Economist Yaw Modey has called on President Nana Addo Dankwa Akufo-Addo to sack Finance Minister Ken Ofori-Atta for recording the lowest Gross Domestic Product (GDP) in the past 35 years in the history of the country’s economic management.

According to the economist, Mr. Ken Ofori-Atta has mismanaged the economy so much that he does not deserve to remain at the post anymore.

“His tenure has recorded the lowest GDP growth ever,” Mr. Modey said on the midday news on Accra100.5FM on Monday, 21 March 2022.

He disclosed that from 2015 to 2016, then-Finance Minister Seth Terkper invested close to $8 billion in the oil and gas sector to push the country’s GDP growth to 8.1 percent.

The following year, it was reduced to 6.1 percent and in 2021 to 0.4 percent.

“He is the most incompetent Finance Minister … he must be reshuffled for more competent individuals in the party [to take over],” Mr. Modey stated.

He added that Mr. Ofori-Atta has also recorded the most unattractive exchange rates in 30 years.

“The Ghana Statistical Service is shying away from reporting the real inflationary rates for fear of eroding investor confidence in the economy,” he alleged, stressing, “The finance minister is the most incompetent person in the history of economic management of the country.”

In his view, Ghana’s 1983 history is repeating itself under the current administration where there was a scarcity of food, high unemployment figures, high prices, widening income inequalities, and insecurity among others in the country.

Mr. Modey said these in reaction to a statement by Information Minister Kojo Oppong Nkrumah that the government has no plans to go to the International Monetary Fund (IMF) for policy credibility but will be cutting expenditure to salvage the situation.

Mr. Modey explained further that cutting expenditure is not the way to go but the rationalization of expenditure and investment in viable areas will boost GDP growth.

He was of the view that Mr. Ofori-Atta is impoverishing Ghanaians.

Source: classfmonline.com