The President, Nana Addo Dankwa Akufo-Addo has said that the economy of the country is currently in disarray.
The President, delivering his State of the Nation Address in Parliament said the figures he inherited is nothing to write home about.
“I say nothing new or dramatic, when I tell this Honourable House that the economy of our country is in a bad way,” he said.
The President said, this statement was not new as during the election period, he said same.
“After all, in the run-up to the recent elections, I said so, often and loudly,” he added.
The President said this is a result of the gross fiscal indiscipline by the Mahama administration especially during the election year. “Total projected expenditure for 2016 was GH¢43.9 billion (26% of GDP) but actual expenditure amounted to GH¢50.3 billion (30.2% of GDP).
“It appears, from what we are finding out, that some GH¢7 bn of arrears and outstanding payments circumvented public financial m’ment system. The country’s debt, he said stands at 74% of GDP.
“As at the beginning of 2009, Ghana’s total debt stock was GH¢9.5 billion. By the end of 2016, the debt had ballooned to GH¢122 billion
“Ghana’s debt stock now stands at 74% of GDP, after all the previous denials to the contrary
“In fact, 92% of Ghana’s total debt stock was incurred in the last eight years under the previous government.
He however stated that he would not watch on as the economy crashes under his presidency.
“I will not allow this economy to collapse under my watch. We will reduce significantly the fiscal deficit this year,” he said
More soon
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