Wednesday, 20th October 2021
The editor in chief of The Insight News Paper, Mr. Kwesi Pratt Jnr has made a rather chilling revelation about Ghana's economy. While on Metro TV's Good Morning Ghana show today, uncle Kwesi as he is popularly called supported the assertion of the finance minister that, Government payroll was full.
It will be recalled that while addressing students at a graduation ceremony at the University for Professional Studies in Accra recently, Hon. Ken Ofori Atta told the students to consider venturing into entrepreneurship because the government payroll was full. He stated that government spent almost 60% of its annual income on wages and salaries alone and this practice cannot continue.
In his submission on the subject this morning, the marveric journalist stated that Hon. Ken Ofori Atta spoke the plain truth and he was happy that the government had started telling Ghanaians the real situation on the ground. According to Pratt, Ghana's economy is not growing as the policiticians want us to believe. He said Ghana's economy was in shambles and if care was not taken, very soon the government will begin to lay off workers because the wage bill will be burdened.
"Randy the truth is this economy is not growing. This economy is stagnated. In fact this economy is in shambles. The finance minister was just telling Ghanaians the truth and I am happy about that. Do you know we spend more than 60% of our annual budget allocation on debt servicing? This is the reality", he stated
Kwesi Pratt Jnr said Ghana needed to do things differently to turn the fortunes of the economy around. He observed that private sector development was the engine of every economy. But the policies of the NPP Government in his opinion does not help to drive the private sector. He bemoaned the amount of taxes imposed on the citizenry which have crippling effects on the economy.
Ghana's economy has been described by the IMF as a high risk to debt distress. Our debt to GDP ratio is over 78%. Our international debt accumulation was $320B as at May this year. But the minister of finance told Ghanaians the economy was in good shape.
Watch the video in the link below from 1hour.