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Dr. Bawumia said Ghanaians and the international community had lost confidence in the Ghanaian economy, adding the government of Ghana had to work hard to restore confidence.
He said: ‘You cannot manufacture confidence. Confidence has to be based on prudent, sound and credible policies. You cannot just wake up and try to convince people to have confidence in an economy.
‘Unfortunately there is no basis for this contrived confidence. If you are going to solve a problem, the first thing to do is to admit the problem. The NDC have refused to acknowledge that the economy is in crisis, how can the problem be solved if expectations are not properly aligned?’
Touching on the decision of the government to go for a 3rd Eurobond issue, which is expected to raise $1.5 billion to be used to fund government’s capital expenditure in the 2014 Budget as well us shore up depleted foreign exchange reserves, Dr. Bawumia’s said that would not be sufficient to solve the economic problems facing the country.
‘You cannot borrow yourself out of bankruptcy,’ he said. With Ghana’s debt levels at almost 60% of GDP and interest payments in 2014 amounting to more than four times Ghana’s oil revenue for the year, it is not clear how adding to the debt burden is going to get us out of the current crisis.
‘While the Eurobond borrowing would provide additional borrowed foreign exchange to support the cedi, the impact is bound to be temporary if the fundamentals are not addressed. Note that the Bank of Ghana has already spent some $6.5 billion of foreign exchange reserves in the last six years to no avail. So what difference will an additional $1.5 make if the underlying policies are wrong?’
Credit: Graphic Online
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