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Senior economist Kwame Pianim has pleaded with Ghana’s government to reduce spending in order to salvage the economy, which is now in peril.
Instead of using the domestic debt swap scheme, he said, the government should reevaluate the importance accorded to initiatives like the National Cathedral.
“I am sure the IMF is not asking for this one. They are asking us to cut the expenditure and we are there saying we are still going to build the cathedral. In all the president’s travels around the world, has he met three Ghanaians who have told him they have no place to pray to their God? No place of worship? We have plenty. Why is it a priority?” during an interview he gave to Accra-based TV3, he questioned.
Ghana’s government plans to use a $3 billion loan from the International Monetary Fund to boost the economy of the nation.
The government has established a Domestic Debt Exchange Programme in an effort to alter the terms of current government bonds in order to comply with the loan’s requirements.
But Mr. Pianim insisted that the government is failing to understand the predicament the nation is in and deal with it effectively, calling the debt exchange program illegal.
The eminent economist advised Ghanaians to sit down and reduce their spending in order to increase revenue.
Source: Ghanatodayonline.com
