Felix Kwakye Ofosu, the Minister of Government Communications has revealed that all of Ghana’s economic problems started in 2020.
The minister noted that in 2020 because the Akufo-Addo Bawumia government desired to remain in office there was reckless expenditure.
According to Felix Kwakye Ofosu, the NPP administration did terrible damage to Ghana’s economy because of imprudent, mismanagement of the economy.
Speaking on TV3 Key Points on Saturday, March 15, Felix Kwakye Ofosu detailed, “Let us not pact the NPP managers of the economy of the back, they did terrible damage to this economy and it was because of imprudent, mismanagement of the economy, and deliberate waste of money on consumption and expenditure in a manner that undermined our finances”.
“Look, all the problems we face, stem from the 2020 election and the desire to win. When you say an economy is doing well, you look at some parameters”, he added.
He further stated, “How can you have inflation hovering about 20 per cent and then you say the economy is doing well? How can your currency depreciate to the extent it did last year and then you insist the economy is doing well?
“Look at the cost of living crisis that the mismanagement has done to the people, this economy is not in good shape, “The currency depreciated by 19 last, the previous, 27 per cent…so how can anybody look at this and be happy,”
“The NPP did terrible damage to the economy”, Felix Kwakye Ofosu boldly added.
Meanwhile, Dr. Cassiel Ato Forson, the Finance Minister has made a shocking revelation about the Domestic Debt Exchange Programme (DDEP) inherited from former president Akufo-Addo.
Ato Forson revealed that the Mahama government must repay GHS150.3 billion in domestic debt over the next four years.
According to Ato Forson, in 2027 alone government will have to repay a debt of GHS57.6 billion, and in 2028 also repay GHS52.5 billion.
Speaking on The Point of View on Channel One TV on Wednesday, Dr Forson revealed, “ We have domestic bonds that we inherited. In the next four years put together, we have to repay GHS150.3 billion, of which in 2027 alone we have to repay debt of GHS57.6 billion, and in 2028 we have to repay GHS52.5 billion”.
Dr. Forson further delved into the challenges within the energy sector, emphasizing the urgent need for financial intervention.
He added, “We have inherited an energy sector that is on its knees. An energy sector that is throwing out an annual shortfall of in excess of $2 billion every single year that the state must look for money and finance. In the 2025 budget, I have provisioned GHS28 billion to support the energy sector.
“If we had failed to do that, the energy sector by year-end would have seen difficulties, problems, and this is something we inherited,” he explained.
Watch the video below:
All the problems we are facing is because of reckless expenditure in 2020. The NPP government terribly mismanaged this economy – Felix Kwakye Ofosu#TheKeyPoints pic.twitter.com/6LUdjY51Y6
— #TV3GH (@tv3_ghana) March 15, 2025
