“Act now to save our country from financial ruin and total economic colapse” investment banker tells president mahama.
A renowned Ghanaian Investment Banker, Mr Alhassan Yakubu Tali has called on Ghanaians to demand action from the Mahama-led NDC government so as to save the country from financial ruin and total economic collapse.
According to him, the number one issue that must be dealt with to get the economy back on tract is to cut down the excessive government spending that has spiralled out of control since the NDC government assumed the reins of power in 2009.
Speaking on the Cologne-based Deustche Welle Radio, the 46 year-old investment banker revealed that almost five years of reckless spending has the nation with over Ghc.35 Billion as against Ghc 8.9 Billion in 2008 and said Ghana’s debt is now more than 30 per cent (30%) of Gross Domestic Product (GDP)
He further disclosed that as at August 2013, the Mahama-Amissah Arthur administration had spent seven per cent (7%) more than what it generated as revenue and said this cycle of borrowing to spend must stop because just like every family government must be more responsible and learn to live within its means .
Mr Tali attributed the depreciation of the cedi to poor fiscal and monetary policies adding that the daily depreciation of the cedi against major currencies is already having adverse consequences for local businesses including local banks.
Mr Tali stressed the need to enact budget reforms to rein in excessive government spending, cut down waste and tackle the unprecedented level of corruption that has characterised the current regime, “ we must return our nation to fiscal solvency for the future of our children and generations yet unborn” he noted.
He reiterated that ensuring fiscal discipline should be at the centre of the 2014 budget and expressed the fears that failure to address this basic and fundamental issue will mean that Ghanaians should prepare for the worst in terms of the economic decline the country is currently experiencing.
Kwaku Anane-Gyinde
Aachen-Germany
