{"id":204021,"date":"2024-07-29T07:46:16","date_gmt":"2024-07-29T07:46:16","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/29\/we-have-run-ghanas-economy-like-a-ponzi-scheme-kwaku-kwarteng\/"},"modified":"2024-07-29T07:46:16","modified_gmt":"2024-07-29T07:46:16","slug":"we-have-run-ghanas-economy-like-a-ponzi-scheme-kwaku-kwarteng","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/29\/we-have-run-ghanas-economy-like-a-ponzi-scheme-kwaku-kwarteng\/","title":{"rendered":"We have run Ghana\u2019s economy like a Ponzi scheme \u2013 Kwaku Kwarteng \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>A former Deputy Minister for Finance, Kwaku Kwarteng says Ghana\u2019s economic challenges for years now is as a result of economic mismanagement by successive governments.<\/strong><\/p>\n<p>According to him, \u201cwe have been running our country\u2019s economy like a Ponzi scheme.\u201d<\/p>\n<p>\u201cThe economic problems Ghana is facing today, at both the national level and in households, are also the cumulative effects of many decades, spanning different governments, of the bad politics and economic mismanagement that have characterized the governance of our country.<\/p>\n<p>\u201cSince independence, we have survived by constantly overspending our means and borrowing to finance the overspending. And many of these expenditures are just bad prioritization\/<\/p>\n<p>\u201cWe always offer higher interest to lenders, borrow more, use a part to repay previous debts, and the rest to pay for the current year\u2019s overspending. So, we have been running our country\u2019s economy like a Ponzi scheme. The economy is struggling today because lenders are now refusing to lend to us. It is just like a Ponzi scheme going into crisis once people stop depositing their monies with them\u201d, the Obuasi West lawmaker disclosed in a statement.<\/p>\n<p>He continued: \u201cTo break the eight therefore, we must first break that norm by doing the following: Acknowledge the past and present failures of the political class to provide the kind of quality leadership required to avert the mess in which we find our country today.<\/p>\n<p>\u201cAdopt deep and far-reaching reforms to address the decades of bad politics and economic mismanagement. We must convince voters that we shall be ruthless in our determination to fix this country, that we shall stay the course no matter the challenges, and that, there shall be no sacred cows!\u201d<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/07\/1722239175_938_a1-8.jpeg\" alt=\"\" class=\"wp-image-467368\"\/><\/figure>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/07\/1722239176_52_a2-10.jpeg\" alt=\"\" class=\"wp-image-467369\"\/><\/figure>\n<p>starrfm.com <\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A former Deputy Minister for Finance, Kwaku Kwarteng says Ghana\u2019s economic challenges for years now is as a result of economic mismanagement by successive governments. According to him, \u201cwe have been running our country\u2019s economy like a Ponzi scheme.\u201d \u201cThe economic problems Ghana is facing today, at both the national level and in households, are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":203968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-204021","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>We have run Ghana\u2019s economy like a Ponzi scheme \u2013 Kwaku Kwarteng \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/29\/we-have-run-ghanas-economy-like-a-ponzi-scheme-kwaku-kwarteng\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We have run Ghana\u2019s economy like a Ponzi scheme \u2013 Kwaku Kwarteng \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"A former Deputy Minister for Finance, Kwaku Kwarteng says Ghana\u2019s economic challenges for years now is as a result of economic mismanagement by successive governments. 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