Ken Thompson, former Chief Executive Officer of Dalex Finance, has expressed his disappointment in former Finance Minister Ken Ofori-Atta’s management of Ghana’s economy, particularly criticizing the government’s excessive borrowing.
In an interview with Umaru Sanda Amadu on Channel One TV’s Face to Face on Tuesday, March 25, Thompson recounted his earlier warnings to Ofori-Atta about the looming economic crisis if borrowing was not curtailed.
He dismissed the notion that external factors like COVID-19 and the Russia-Ukraine war were to blame for Ghana’s economic struggles, calling them “red herrings.”
According to Thompson, the economy was already on the brink due to internal fiscal mismanagement, leading to high inflation, increased taxes, mounting debt, and rising unemployment.
“I said, look, stop borrowing, raise taxes. Because you were going to crash. The rate at which you were going, if there was going to be any incident, the economy would crash. And, of course, nobody listened.
“The economy crashed, and they talked about COVID-19 and the Russia-Ukraine war. Those were red herrings. You were going to crash. And we ended up with high inflation, high taxes, debts, and high unemployment,” he stated.
Mahama govt in power to kill businesses – Afenyo-Markin
…..
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:
https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital