Former Finance Minister Seth Terkper has reacted to Vice President Dr Mahamudu Bawumia's address to the nation, Thursday, accusing the latter failing to plan for the future and blaming external factors for the country's current economic predicament.
Dr Bawumia, in a presentation at a forum organized by the National Tertiary Students Confederacy (TESCON) at Kasoa in the Central Region, attributed Ghana’s rising debt stock to the COVID-19 pandemic and the banking sector clean-up.
“Between 2019 and 2021 Ghana’s debt to GDP increased by 17.6 percentage points of GDP. It should be noted that without the 15.1 billion of the exceptional items – the financial sector and then the energy and Covid Ghana’s debt to GDP would have been about 68 percent instead of the current 80 percent", he noted.
Justifying monies borrowed so far, he said: “The projects that we have undertaken from the loans over the years, you will see that we borrowed to build the University of Environment Science and Sustainable Development, that is part of the debt, the Pokuase Interchange is part of the debts, the Tema Mpakadan Railway is part of our debt, the Kumasi Airport Phase 2 is part of our debt, Tamale Airport is part of our debt.”
Reacting to this in a tweet, Seth Terkper said:
"Borrowing and infrastructure: grateful to the Veep for highlighling the NDC's projects in the debt stock. He just debunked the notion that our borrowing did not have any significant underlying assets or infrastructure. Remember, there was denial of their existence not long ago."
— Seth E Terkper (@SethTerkper) April 7, 2022
According to him,
"The fiscal deficit in 2016 was 6.1% (see MOF correction in March 2021 Statement) without NPP's "offsets" of ghc5 billion for 2016. The NPP's deficits exclude "bailout costs", which without a provision in 2017 (despite ESLA) is still the lowest?"
— Seth E Terkper (@SethTerkper) April 7, 2022
How Ready Is Ghana For Months' War?
The former finance minister further described as ridiculous the attempt by the Akufo-Addo administration to blame the challenges facing the economy and its failures in the last four years on the Russia-Ukraine conflict that only started about a month ago (in February).
Wondering the impact of any such wars that last months on Ghana's economy, he prayed for a quick end to the conflict so government can sit up and put its house in order.
“Reminder: Russia-Ukraine war started in only late Feb (one month ago) and being blamed for past 4-year’s failures? God forbid for a prolonged war yet how ready are we for its full impact in the weeks and months?”
Source: Peacefmonline.com
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Its clear that most of the comments here come from people who either lack critical thinking or are simply ***barred word***. Former vice president Amissah-Arthur was the quiet workaholic type unlike this comedian and a parrot that we have as a vice now. Anybody who doesn't see that the economy is almost collapsed now is a HYPOCRITE, dump, blinded by politics and a liar. Anyway, only liars follow this Kweku Ananse vice president.
Where’s your economic credibility? I believe it’s still with IMF. This is just a reminder so you can be quiet when it comes to Ghana’s economy. Doomsor is now among journal articles for Universities around the world to write about with a corrupt and incompetent leader of your who just created looted and shared Ghanaians money with Ms Bell and the likes. Please give us a break! With all the facts and figures Dr Bawumia put up you still can NOT understand the links . All you know is NO CONTRIBUTIONS NO CHOP. STILL NDC YAAMUTU NDC YAAMUTU NDC YAAMUTU NDC YAAMUTU
LOOOOSER ***barred word*** FORMER FINANCE MINISTER WHO COULDN'T MANAGE THE CONOMY WITH HIS ***barred word*** LOOOOOSER BOSS JOHN THIEVE MAHAMA BOTH OF YOU ENDED UP BY HANDING GHANAIANS AND ECONOMY TO IMF SO HOW ***barred word*** YOU TWO WERE NOT EVEN GOOD FOR NOTHING.IMF WAS MANAGING THE ECONOMY AND SUPERVISING YOUR BUDGET, THE ECONOMY FOR CREDIBILITY FROM THEM AFTER THEY TELL YOU TO PUT HIRING FREEZE ON PUBLIC SECTOR, TEACHER TRAINING ALLOWANCE, NURSING TRAINING ALLOWANCE AND A LOT MORE.
***barred word*** former minister of finance. You don’t know that an announcement or just a speculation can affect the global economy in some few minutes? ***barred word*** failure
See this NDC m0r0n. A failed former Finance Minister. Every country in the world is having economic issues. You are either playing dirty politics or you are ***barred word***.
Just the afternoon on BBC, Macron was commenting on the impact of the war on his electioneering campaign and the French economy at large. Mr Tekpe come again. Anytime they are exposed of their incompetence, instead of them to carefully study the presentation they always rush making infantile submission. NDC is a no no for governance in this country.
Every truthful person will acknowledge that the abnormal increases in prices reached its peak just about 2 months ago. So if Mr Terkpe the most incompetent finance minister in Ghana says only two months war cannot affect us then he is either playing politics or continuing his incompetency in opposition
Terkper doesn't seem to know that his disastrous performance as finance minister cost JDM his office.
Go and ask U.S and U.K the same question. i d i o t. instead of helping to find alternative solutions to our problems, you are here bragging.
Hahahaaaa, Ghana politics is interesting. So called politicians playing with the minds of the people. A few years ago Seth Terkper was the finance minister. The economy was poorly managed such that former president Mahama said all the meat was gone leaving the bones so workers should not be making demands on pay increses. What happened, teacher trainee/nurse allowance cancelled, new entrants into government payroll got only 3 months salary as their first pay even if they have been working for more than 3 months . We had lights off every where. Today the same Seth Terkper have the alternatives to solving Ghana's economic challenges. What these so called politicians soon forget is that they sat with people in classrooms from Primary 1 up to the tertiary level and others used to beat them in examinations, the fact that you were not always first in class means some of your mates were more intelligent than you. Today with your mates still around you speak thinking you are making sense or convincing people. When we listen to you, we laugh. In Ghana politics can make ' a nobody, somebody '.