FULL TEXT: Cassiel Ato Forson's presentation on Ghana’s economy

Minority spokesperson on Finance, Dr Cassiel Ato Forson, has stated that President Nana Addo Dankwa Akufo-Addo and his Economic Management Team, EMT, as the government works to restructure the country’s debt. Speaking on Ghana's economy at an event in Accra, Thursday, October 27, Ato Forson described the move as a “Mickey Mouse” one, and warned that the way and manner government wants to go about the debt restructuring will hurt Ghanaians. “Mr. President, please beware that, a Mickey Mouse form of debt restructuring will hurt Ghana big time. Your debt restructuring must not target domestic creditors. It will destroy us,” he said. “The truth is, Ghana cannot currently afford to repay its debt according to the finance agreement and provide public goods at the same time. Ghana is simply insolvent, in other words bankrupt...," he added. Stating that the managers of the economy have failed, Ato Forson noted, “for them, everything is about the next elections, they never accept responsibility. They always say, ‘it wasn’t me, it was the guy behind the tree.’ They live on another planet, and don’t appreciate what the IMF will require from them, let alone start action. The ineptitude is unbelievable. “Curbing inflation should be the top priority: Ghana does not want inflation to be entrenched, we need to confront inflation now before it becomes too late. The Bank of Ghana needs to anchor inflation expectation immediately. They should stop the printing of money otherwise known as monetary financing to finance government expenditure.” Dr. Ato Forson suggested that the Bank of Ghana should call an emergency meeting of the monetary committee to increase the monetary policy rate to curb the depreciation of the Cedi. “To stem the rapid depreciation of our cedi the Bank of Ghana may have to call for an emergency monetary policy committee meeting and consider the need to hike the monetary policy rate, even if it is for purposes of signaling that somebody is in charge." The former Deputy Minister of Finance under the erstwhile Mahama administration, further recommended that “Government must prioritize and rationalize expenditure by cutting all unnecessary and frivolous expenditures.” Find below the full presentation.