Ken Thompson, a former Chief Executive Officer of Dalex Finance, has expressed his disappointment in former Finance Minister Ken Ofori-Atta's management of Ghana's economy, particularly criticizing the government’s excessive borrowing.
In an interview with Umaru Sanda Amadu on Channel One TV's Face to Face on Tuesday, March 25, Thompson recounted his earlier warnings to Ofori-Atta about the looming economic crisis if borrowing was not curtailed.
He dismissed the notion that external factors like COVID-19 and the Russia-Ukraine war were to blame for Ghana's economic struggles, calling them “red herrings.”
According to Thompson, the economy was already on the brink due to internal fiscal mismanagement, leading to high inflation, increased taxes, mounting debt, and rising unemployment.
“I said, look, stop borrowing, raise taxes. Because you were going to crash. The rate at which you were going, if there was going to be any incident, the economy would crash. And, of course, nobody listened.
“The economy crashed, and they talked about COVID-19 and the Russia-Ukraine war. Those were red herrings. You were going to crash. And we ended up with high inflation, high taxes, debts, and high unemployment,” he stated.
—citinewsroom
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Comments
Why should he listen to you, Mr. Ken Thompson, when he keeps all of the money and, more significantly, it was never put to the correct projects? Even though the NPP government incurred the debt of GHC 763 billion, it has no noteworthy projects to show off.