Let’s use resources to fix economy!

 

Seth Terpker, Finance ministerTODAY thinks that it is important the current administration uses the nation’s resources to fix the economy which has seen difficulties over the last two-and-a-half years. It will not be prudent if government keeps investing in infrastructure in this ailing state of economy of ours.

AS we are all aware, the country continues to see a surge in inflation and high cost of borrowing. The cedi continues to poorly perform against major foreign currencies—the US Dollar, Pound, Euros. And not even the Bank of Ghana’s forex control measures introduced in the middle of the year to arrest the fast falling of the cedi has helped.

FOR instance, one area that has become a problem as a result of the state of our economy is the inability of government to pay statutory payments to Metropolitan, Municipal and District Assemblies (MMDAs), the National Health Insurance Authority (NHIA), the Ghana Education Trust Fund (GETFUND) and a host of other payments which are still in arrears.

FOR us at Today we are worried that the situation can worsen if government continues to make giant political promises which demand huge capital expenditure as we are gradually heading towards election year—2016.

WHAT the Mahama administration should know is that infrastructural development alone without a thriving economy has no place in earning political votes for any government in power.

FRANKLY speaking, building all the two hundred schools and putting students in there as promised by President John Dramani Mahama and for the economy to remain as it is without working to improve upon it will definitely amount to nothing.

INSTEAD, it will exacerbate the already existing economic woes the country has been saddled with. And it is in the light of this that we want the government to direct its focus on how best it will judiciously use the country’s abundant resources to better the lives of the citizenry.

WE also want the government to take a bold step to cut excessive expenditure and direct its resources at resuscitating the economy. That, we strongly believe, is the surest way to achieving the development goals of this country. In fact anything short of this will rather worsen the plight of the already suffering Ghanaians.

IT is therefore our hope that this suggestion though prudent; may not be misconstrued by the government as a means of scoring cheap political points. What rather it should do is to reflect soberly on what actually is wrong with the country’s economy so as to have a fair idea of how to deal with the problem.

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