KWAKU KWARTENG, former Deputy Finance Minister and Member of Parliament for Obuasi West, has delivered a candid critique of Ghana’s economic trajectory, likening it to a Ponzi scheme.
In a statement titled “To break the eight, we must first break the norm,” Kwarteng attributes the nation’s financial woes to decades of fiscal mismanagement and a culture of excessive borrowing.
“Since independence, we have survived by constantly overspending our means and borrowing to finance the overspending,” Mr. Kwarteng stated. “We always offer higher interest to lenders, borrow more, use a part to repay previous debts, and the rest to pay for the current year’s overspending.”
He emphasized that this cycle of borrowing and poor prioritization has stifled economic growth and hindered job creation, particularly affecting the youth. “When I look at you, and I look at the youth that we are churning out of the universities, where are we going to find work for them?” he questioned.
Mr. Kwarteng, who served as Deputy Finance Minister from April 2017, acknowledged his own complicity in the systemic issues, stating, “I have been part of many of the wrong things I am now complaining about.”
He called for a collective shift towards fiscal discipline and accountability to prevent further economic decline.
His remarks come amid Ghana’s ongoing economic challenges, including high public debt and inflation, which have been exacerbated by global events and domestic policy decisions.
Mr. Kwaku Kwarteng’s appeal underscores the urgency for comprehensive economic reforms to ensure sustainable development and prosperity for future generations.
Source: Nationaltyme.com
