Reckless spending to blame for Ghana’s economic woes, not only COVID-19 – Kwaku Kwarteng

Kwaku Kwarteng, the Chairman of the Finance Committee of Parliament, has disagreed with government machinery that Ghana’s economic woes are largely to blame on global events such as the COVID-19 pandemic and the Russia-Ukraine war.

The Obuasi West MP said reckless public spending and economic mismanagement of past and present governments are also major contributing factors.

Mr. Kwarteng dismissed the excuse that without these global crises, Ghana would have been spared the financial downturn it is currently experiencing.

“I am not with the school of thought that we were not going to experience a financial crisis but for COVID-19 and the Russia-Ukraine War,” He said in an interview on Joy News.

“The country was always going to have some financial crisis. It might have been delayed a little bit if COVID-19 and the Russia-Ukraine war had not happened but the fact remains that with the path we were walking, we were definitely going to get here.”

Mr. Kwarteng stressed the urgent need for a shift in mindset towards fiscal responsibility to prevent Ghana from descending into further economic crisis.

He also pointed out the ineffectiveness of existing laws and institutions in addressing economic mismanagement, emphasizing that without a collective commitment to change, these measures alone are insufficient to make an impact toward recovery.

“We have the laws and we’ve set up institutions that should help us deal with these, but no amount of legislation, no amount of institutional arrangements can stop a people determined to destroy themselves.”

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