NPP warns government of economic management style

Government’s economic management style characterized by wild spending, more borrowing and increased taxation, will lead to economic suicide, Mr Yaw Osafo Marfo, a former Finance and Economic Planning Minister has warned.

He said in 2011 alone, the Auditor General’s report uncovered cash irregularities amounting to over GH¢2 billion and advised government to take corrective measures to recover this amount.

Mr Osafo Marfo said this at a press briefing organized by the New Patriotic Party on the topic: “Ghana’s Troubled Economy – Where are the Remedies?”

Outlining the way forward and what government should do, Mr Osafo Marfo said the Mahama government must tackle corruption as it was clear that top government officials facilitated the payment of judgment debts to Isofoton, Waterville and Wayome, but no prosecution had been brought against them.

“…we are rather left with Martin Amidu, a former Attorney General to fight earnestly and sincerely against corruption,” he said.

He called for the payment of judgment and settlement debts to be stopped and all money paid illegally recovered. In addition, he called for efficient spending on Guinea Fowl Development, tree planting and GYEEDA to be eliminated to avoid wastage.

The Former Finance Minister said both domestic and foreign borrowing should be reduced, citing for example that in 2013 alone, interest payments on debt were projected to be over GH¢3.2 billion.

He urged Bank of Ghana to obey the Bank of Ghana Act, which places a limit on its lending to government, but which he said the Bank had continued to ignore with impunity.

Again, he said, there must be a plan to enhance revenue mobilization but not through increased taxation and government should target development in all four of Ghana’s bread baskets to enhance productivity.

He said government should also adapt the integrated approach to the agriculture sector that was proposed by the NPP and well executed partly under the Millennium Challenge Account project.

Source: GNA