Former Finance Minister in the erstwhile John Dramani Mahama administration, Seth Terkper says the report of the Akufo-Addo government to the International Monetary Fund (IMF) is not a true reflection of the economy.
According to him, the deficit figure the government gave to the IMF in the data for the 2019 Article 4, as well as the deficit figure when the government went for the COVID Loan including the 2021 Article 4 figure which was just published is different from the deficit figure given in the government budget.
Speaking on Okay FM’s 'Ade Akye Abia' Morning Show to explain the country’s economic condition, Mr. Terkper asserted that the Akufo-Addo government cannot account for all the money accrued except catering for the COVID-19 and only two items on the budget.
He wondered why the Akufo-Addo administration with all the tax revenues including oil, money for the statutory fund, GETFund and others funds could only pay for only two items on the budget and borrow money to address the rest of the others on the budget.
“How come you are using all our tax revenue including oil, including what should have gone to the statutory fund, GETFund, everything; all our tax revenue, how come we are able to use it to pay for only two items on the budget? We are talking about total revenue including grant can now pay for only wages to public sector workers and they are still crying that their pay is not enough and pay only interest,” he marvelled.
He further explained that the problem of the Akufo-Addo administration is expenditure as it is spending more than the revenue generated; thus, the government has resorted to borrowing to cater for the rest of the items in the budget including the running of the government.
He, however, advised the Akufo-Addo government to adopt the approach of former President John Dramani Mahama as he organised a forum at Senchi in the Eastern Region to explain to Ghanaians what is wrong with the economy.