In his view, Finance Minister Ken Ofori-Atta and the economic management team have failed.
Speaking on the Big Issue on TV3 Friday May 19 in connection with the $3billion bailout by the International Monetary Fund (IMF) he said “You look at research by JP Morgan that points to the effect that the debt exchange alone is giving bond value loss to about 50 percent. We have never had that before, we have been on the bond market, who runs an economy on bonds for well over 6 years? That is what we have had.”
For his part, Deputy Minister of Trade and Industry Dr Stephen Amoah said Mr Ofori-Atta cannot be blamed for the economic challenges.
He said it is a fact that most of the challenges in the country were induced by global factors that were beyond the control of the Finance Minister.
Asked whether Mr Ofori-Atta has failed as Finance Minister following the $ 3 billion IMF bailout while also speaking on the Big Issue on TV3 Friday, Dr Amoah who is also lawmaker for Nyiaeso told host Roland Walker that even countries that Ghana depends on such at the United Kingdom and the United States are all struggling currently
“If he has failed as Finance Minister then the world has failed, it is a fact. We talk about giant economies that we even depend on such as UK, US and Asian counties.
“I came from the UK on the 16th of this month, their base rate which is the government interest rate post covid has been 1600 per cent from 0.25 to 4.5 per cent. On their major news bulletins, they were saying that 40 year all-time high inflation rate. Within a period of about 3 months nurses, doctors teachers, aviation, magistrate courts, and railway workers, they all had been on strike. A lot of things are going on even in the countries we depend on.
“Post covid inflation rate globally is hovering around 300 per cent, UK was about 1.71 per cent but it went to 11.1 per cent .
“The US was about 1.2 per cent but it went to about 9.1 per cent. When you say this they go and quote francophone countries who do not have the economic sovereignty and that everything is enshrined in France.
“It is a fact that there is hardship, our economy has suffered but it is a fact that it is globally induced.”