A Member of Parliament’s Finance Committee has cast doubt on President Akufo-Addo’s competence in managing the county’s economy.
Speaking on Joy FM’s Top Story on Wednesday, Mr Isaac Adongo said “It is obvious that you could not manage this economy even without Covid-19.”
According to the Bolgatanga Central MP by 2019, the country was spending 91 percent of total revenue and grant to service debt before the outbreak of Covid-19.
He added that “as a matter of fact, the total revenue was 70 billion we only increased that expenditure by 30 billion to 100 billion in 2020. Since that year, we spent 129 percent of our total to service debt.”
According to him, the revenues collected in that period were not even enough to service the country’s debt for which government resorted to borrowing 29 per cent of the revenue generated in order to service the debt.
“No country will survive on that,” he noted.
His comment follows President Akufo-Addo’s defence of government’s expenditure since his assumption of office in 2017 while delivering the State of the Nation Address on Wednesday, March 8.
According to the President, his government has been accountable with regard to how it spends monies borrowed.
President Akufo-Addo said his government only spent money on things that are urgent and necessary.
However, Mr Adongo explained that when managing an economy, you ensure that the environment is sustainable.
“You are managing your fiscals such that you are not overspending beyond revenues that you don’t have,” he said.
As a result, Mr. Adongo noted that “it is quite clear that this country has been in very bad hands and we’ve not taken good care of our economy for all these years.”
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