<\/p>\n
The Minority Spokesperson on Finance, Cassiel Ato Forson, continued his criticism of the government\u2019s management of the economy ahead of former President John Mahama\u2019s speech on the economy.<\/p>\n
Dr. Forson singled out a lack of transparency from the government with respect to Ghana\u2019s debt as the reason for Ghana\u2019s current economic crisis.<\/p>\n
\u201cLet me say government\u2019s reckless fiscal behaviour and creative accounting is indeed the reason why we are where we are.\u201d<\/p>\n
\u201cGovernment decided to hide critical debt numbers and national statistics from Parliament and the world to create the impression they are doing well. And that is why this [the economic crisis] is coming to all of us.\u201d<\/p>\n
For example, Dr. Forson said the government was not forthright about the fiscal deficit when borrowing money.<\/p>\n
He said the government came to Parliament with GH\u00a211.6 billion to finance a deficit of 3.9 percent of GDP, but \u201cindeed that was false.\u201d<\/p>\n
\u201cThey actually borrowed GH\u00a221.4 billion to finance a fiscal deficit of 7.1 percent of GDP. So they hid from Parliament an amount of GHS 10 billion and the Ghanaian people didn\u2019t know they borrowed in excess of what they had reported,\u201d Dr. Forson said.<\/p>\n
The legislator believes Ghana will require a debt relief of around GH\u00a2200 billion to make Ghana\u2019s current debt sustainable.<\/p>\n
The government is currently seeking $3 billion from the International Monetary Fund to support the economy.<\/p>\n
Government as part of processes for securing support from the International Monetary Fund is expected to restructure some of its debt.<\/p>\n