Financial Analyst and a leading member of pressure group, Occupy Ghana, Sydney Casely Hayford has stated that the Finance Minister, Mr. Seth Tekper is incompetent.
He indicated that the sector minister of Ghana’s Finance Ministry has performed badly in managing Ghana’s economy.
The financial analyst indicated that Seth Tekper is not the right person to manage the economy, because the NDC government met a good economy which the finance minister has failed to manage.
Mr. Casely Hayford explained that the NDC government after taking over the economy, went to the IMF to borrow an amount of $600 million which they revealed was to help resolve some of the challenges the country was facing, and therefore it was expected that the economy would have stabilized, after the government prided itself of helping the economy reach a single digit inflation.
‘’ He (Seth Tekper) took over an economy that wasn’t too bad and has brought us to a point where we been tagged as a highly indebted poor country, in my opinion, looking at that track record it’s a poor one and there is no defiance considering where he has taking us’’, he added.
Mr. Casely Hayford accused the NDC government of poorly managing the economy, he also alleged that the NDC government focus is not about transforming the economy, rather their interest is only about winning elections through vote buying.
He insisted that the poor performance of the sector minister has brought Ghana to its current situation, where we had to go to the IMF for bailout because we had no other options.
According to Casely Hayford, our intention to go to the IMF has opened the flood gate for our lenders to ‘’milk’’ us out, because we could not manage our economy well.
Mr. Casely Hayford could not understand why Ghana continues to borrow yet fails to use it for the intended purposes.
‘’Just last year around July, August, we went and we borrowed a billion dollars. One year now we are now back borrowing the same amount again and we are borrowing it at 10.75 percent and the big question you have to ask yourself is what happened to the billion dollars?
“We took the 1 billion dollars in order to correct certain things and correct certain imperfections …and one year later we are borrowing the same amount again and we are still talking about borrowing the same amount again or more as we go forward so clearly the money that we took which we hope that we will use for a particular purpose and fix a particular problem we did not do that. If we had done that we would not have been borrowing again.” -