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Business News of Tuesday, 18 October 2016


Stop borrowing! You are running down economy - Ken ofori-Atta slams government

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Co-founder of Databank and director of fundraising for the opposition New Patriotic Party Ken Ofori-Atta is demanding a halt to government borrowing if the country's economy is to make a recovery. Speaking on JoyFm, Mr. Ofori-Atta said the continuous borrowing of funds as a way out of the country's debt situation is an unrealistic way of solving the rather huge problem created by the NDC government.

The country's debt stock according to Mr. Ofori-Atta currently stands at 105 billion cedis up from 9.8 billion in 2008. The situation according to him is so bad a paradigm shift is needed immediately if Ghana's economy is to recover.

"The markets do not lie, they tell you how badly we are doing...We can't continue to borrow and believe that we can get out of this. We really have to halt and decide on how to industrialise and use partnerships or private sector money."

Ken Ofor-Atta added that there is the need for government to reduce taxes saying the claim by government that a reduction in taxes will lead to a shortfall in revenue is inaccurate. He says an NPP government will reduce taxes and still ensure that the economy runs smoothly.

Video Credit: JoyNews