In a scathing critique of the Akufo-AddoBawumia administration, former Deputy Communications Minister Felix Kwakye Ofosu has denounced their handling of the Ghanaian economy, labeling their governance as “the worst government ever.” The criticism comes amidst concerns over the government’s economic decisions and their impact on the nation’s financial well-being.
Kwakye Ofosu’s condemnation was articulated in a tweet on Monday, August 7, where he accused the current government of committing “economic atrocities” against the Ghanaian populace. He specifically highlighted the Bank of Ghana’s continuous lending to the government, which he deemed as unlawful and detrimental to the country’s financial stability.
“The latest being forcing the Bank of Ghana to lend tens of billions of Ghana cedis to government against the law, and leading to the former’s insolvency,” stated Kwakye Ofosu. He cautioned that failing to address this alleged illegality could result in dire consequences for the nation’s economy.
The Annual Report and Financial Statements of the Bank of Ghana revealed a significant loss of ¢60.8 billion in 2022, marking a stark contrast from the ¢1.2 billion profit reported in 2021. The Central Bank attributed this loss to the controversial Domestic Debt Exchange Programme (DDEP) and the impairment of certain assets, leading to a decline in the Group’s net worth position. The bank’s total liabilities and subsidiaries also surpassed its total assets by ¢54.52 billion.
Despite the significant financial setback, the Central Bank asserted that the losses were not due to irresponsibility on its part. The institution laid the blame squarely on the effects of the DDEP, highlighting the challenges posed by the program.
Kwakye Ofosu’s critique of the Akufo-Addo government’s economic management has reignited debates over the administration’s financial policies and their implications for Ghana’s economic future. As the nation grapples with these concerns, citizens and experts alike await further developments and responses from both government officials and economic analysts
Source: joynews