The Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has stated that the ruling government is merely painting a beautiful picture with its supposedly strong economic figures to appear favorable, while the reality on the ground shows that Ghanaians are severely struggling to survive.
The parliamentarian and lawyer acknowledged that although the current inflation rate has indeed dropped to a single digit from the 23 per cent left by the previous administration, these macroeconomic gains have failed to reflect in the daily lives of the ordinary people.
He observed that despite the government continuously touting its achievements with reduced monetary rates, local business owners are still refusing to take out loans due to economic stagnation.
Speaking to host Kwabena Agyapong on Frontline on Rainbow Radio 87.5FM, the lawmaker stressed that the astronomical increases in the cost of utility tariffs, fuel, transport, and other essential necessities have rendered the government’s economic data essentially meaningless.
He maintained that it makes little sense for citizens to undergo such hardship while official statistics claim the economy is thriving.
“When you check the figures, you will realise inflation has indeed reduced. The previous government left it at 23 per cent, but currently, the figure has dropped to a single digit. It was around 5 per cent by the first quarter of the year; however, Fitch has predicted it may increase to between 9 and 10 per cent by the end of the year. The NPA has announced new petrol price increases, transport fares have gone up, and the cost of basic utilities like water and electricity has generally increased. The basic things that should provide relief to the people have all become more expensive, despite claims by the government that it has chalked up remarkable economic success. They have beautiful data on paper, but the cost of living is at its peak. It would actually be better to have high figures on paper with a low cost of living and good conditions for the people, than to have lower rates and figures while the cost of living goes through the roof,” he stated.
Addressing the plight of the private sector, he added: “If interest rates have reduced as they claim, businesses would be going for loans, but that is not the case. They are not borrowing because there is no business activity. What would they even use the loans for? Some contractors have worked for the government for years and have still not been paid. The government is competing with the private sector, and its borrowing on the domestic front has ballooned.”
The Okaikwei Central MP further called on the government to give due credit to the previous administration for the groundwork laid through the Domestic Debt Exchange Programme and other economic reforms, which created the fiscal space for the current government to operate after significant debts were written off.
By: Rainbowradioonline.com/Ghana
