Prince Obiri Yeboah, an economist and financial analyst, argues that successive governments have historically overspent budgets in election years, despite their promises not to do so.
The analyst suggested that despite the government’s assurances not to overspend its budget this election year, the contrary may be the case.
He has stated that the government would have to maintain discipline and avoid overspending during the election year.
This was in answer to a question about what he would advise given the current economic issues and the preparations for the impending presidential and parliamentary elections on December 7.
Minister for Finance, Dr. Mohammed Amin Adam, in May this year assured that the government will not overspend on this election year.
The minister said this while inviting the investor community to support Ghana’s economic recovery.
He said this at a side meeting with Rand Merchant Bank investors at the ongoing 2024 African Development Bank Annual Meetings in Nairobi, Kenya.
Several economists and analysts have also advised the government not to overspend this election year since that could trigger negative reactions and affect the economic recovery process.
The latest to join is Mr. Obiri Yeboah, underscoring the need for the government to walk the talk, truly stay within budget, and avoid overspending.
“If we were to judge by history, our leaders always tell us they will not overspend during the elections, but by the time the elections were over, things would have gone bad for the country. I can only hope and pray that in the light of the challenges the country has gone through, especially prior to the 2020 general elections, the Ghanaian expectations and what we were able to deliver, and the final outcome, then finally, after the 2020 general elections and the economic conditions and challenges the country faced, they will learn the lessons and will not repeat the same mistakes.
If they should go ahead and repeat the same mistakes that we witnessed during the 2020 general elections, then beyond 2025, the economic hardship that this country will go through will be severe. As I speak with you, Nigeria is boiling with citizens there agitated over their poor living conditions, and I pray that God will protect Ghana,” he said.
By: Rainbowradioonline.com/Ghana
