Yaw Modey, an economist, has called on President Nana Addo Dankwa Akufo-Addo to fire Finance Minister Ken Ofori-Atta for achieving the lowest Gross Domestic Product (GDP) in the country’s history, which spans 35 years.
According to the economist, the Finance Minister does not deserve to be in office in the face of economic incompetence.
“During his term, the lowest GDP growth has ever been recorded,” Yaw Modey said on Accra 100.5 FM’s midday broadcast on Monday, March 21, 2022.
He revealed that the then-Finance Minister, Seth Terkper, invested about $8 billion in the oil and gas sector between 2015 and 2016 to boost the country’s GDP growth to 8.1 percent. It was decreased to 6.1 percent the next year, and then to 0.4 percent in 2021.
“He is the most inept Finance Minister ever…
Mr Modey added, “He needs to be reshuffled so that more capable members in the party can take control.”
Ken Ofori-Atta has also achieved the most unappealing exchange rate in 30 years, according to him.
“The Ghana Statistical Service is afraid of losing investor trust in the economy by reporting real inflationary rates,” he claimed, adding that “the finance minister is the most incompetent person in the history of economic management of the country.”
According to him, Ghana’s 1983 past is repeating itself under the current regime, with food shortages, high unemployment, high prices, expanding income disparities, and insecurity, among other things.
Mr. Modey made the comments in response to the Information Minister’s assertion that the administration has no plans to go to the International Monetary Fund (IMF) for policy credibility, but will instead slash spending to save the situation.
Mr. Modey went on to say that decreasing spending isn’t the way to go, but that rationalizing spending and investing in feasible sectors will help to enhance GDP growth.
He believes Ghanaians are being impoverished by the finance minister.