The Minority Members of Parliament have said the current state of the economy was not in good shape and thus described the economic fundamentals of the country as “hopeless” and “cannot be described as sound by any stretch of imagination.”
Speaking at a press conference in Accra yesterday on what they described as the true state of the nation. Minority Leader Osei Kyei Mensah Bonsu said the evidence of the true state of the economy could be found in everyday lives.
“The cost of doing business has sky-rocketed and this has impacted negatively on employment in both formal and informal sectors,” Mr. Mensah-Bonsu said.
Touching on trade, industry and manufacturing, the Minority Leader said “In 2012 the deficit was $4.2 billion. In 2013 merchandise imports amounted to $17.6 billion.”
“The worsening balance of trade position contributed to the massive current account deficit of $5.7 billion in 2013,” he added.
On energy, he stated that the huge indebtedness of government to the Bulk Oil Distributing Companies was destabilizing the companies and also deepening the risk exposure of the commercial banks in the country.
In addition, the fate of Tema Oil Refinery is still hanging even though the Bui Dam has been commissioned, it has run into problems.
On the judiciary, the minority said the nation was not giving proper and adequate attention to its judiciary hence “democracy and the rule of law could easily be compromised.