Govt says TUC’s view on economy is simplistic

Govt says TUC’s view on economy is simplistic

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A Minister of State at the Presidency in charge of Financial and Allied Institutions, Mr Fiifi Kwetey, has maintained that although Ghana may be facing challenges, that cannot be equated to the state failing.

In his view, the analysis by the Trades Union Congress (TUC) was “simplistic” and “not thorough”.

Speaking to the Daily Graphic in a reaction to the paper from the TUC, he maintained that “no serious analyst will say what they are saying”. 

According to him, expenditure on public sector workers had taken a serious toll on national resources, thereby leaving relatively insignificant resources for investment.

Ghana, Mr Kwetey said, had continuously since 1989 been posting positive annual growth and at certain points had the highest growth rate on the continent, and wondered how such a country could be described as a failing state.

He said from as low as GH¢2 billion, the expenditure on public sector wages had risen sharply to more than GH¢10 billion a year, thereby offsetting investment plans.

Instead of describing Ghana as a failing state, Mr Kwetey challenged the TUC to make enough sacrifices for the country to get more resources to invest.

The last time Ghana was described as a failing state, he recollected, was prior to 1982 when inflation rate was as high as 100 per cent, coupled with consistent years of negative growth, collapse of the ports and harbours in the country and the inability of industry to rise above the performance ceiling of 10 per cent.

But for now, he said, Ghana continued to be an attractive destination for investment and was poised to emerge from its temporary challenges more invigorated than ever, especially with the measures outlined by the government to transform the economy.

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