{"id":2472,"date":"2024-07-29T05:19:55","date_gmt":"2024-07-29T05:19:55","guid":{"rendered":"https:\/\/ghnewsbay.com\/?p=2472"},"modified":"2024-07-30T06:18:59","modified_gmt":"2024-07-30T06:18:59","slug":"ghanas-economy-is-being-run-like-a-ponzi-scheme-kwaku-kwarteng-laments","status":"publish","type":"post","link":"https:\/\/ghnewsbay.com\/?p=2472","title":{"rendered":"Ghana’s economy is being run like a Ponzi scheme – Kwaku Kwarteng laments"},"content":{"rendered":"

Kwaku Kwarteng, the Member of Parliament (MP) for Obuasi West in the Ashanti region and immediate past chairman of Parliament’s Finance Committee has attributed Ghana\u2019s economic crisis to decades of poor political and economic management by successive governments. In a strongly worded statement issued on Thursday, 25th July, titled\u00a0“To break the eight, we must first break the norm”<\/em>, the New Patriotic Party lawmaker argued that Ghana\u2019s economy has been run like a Ponzi scheme.<\/p>\n

Kwarteng elaborated on his concerns in an opinion piece, emphasising that the nation\u2019s current economic woes are the cumulative result of decades of bad politics and economic mismanagement.<\/h4>\n
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\u201cThe economic problems Ghana is facing today, at both the national level and in households, are also the cumulative effects of many decades, spanning different governments, of the bad politics and economic mismanagement that have characterised the governance of our country,\u201d<\/em>\u00a0he stated.<\/p>\n<\/div>\n

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Since gaining independence, Ghana has persistently overspent its means and borrowed heavily to finance this overspending. Kwarteng highlighted that many of these expenditures are poorly prioritised, contributing to the nation\u2019s economic instability.<\/p>\n<\/div>\n

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\u201cWe always offer higher interest to lenders, borrow more, use a part to repay previous debts, and the rest to pay for the current year\u2019s overspending. So, we have been running our country\u2019s economy like a Ponzi scheme. The economy is struggling today because lenders are now refusing to lend to us. It is just like a Ponzi scheme going into crisis once people stop depositing their monies with them,\u201d<\/em> he remarked.<\/p>\n<\/div>\n

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\"Kwaku<\/picture><\/span><\/p>\n

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Kwaku Kwarteng<\/span><\/p>\n

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Kwarteng urged the New Patriotic Party (NPP) to provide visionary leadership to rescue Ghana from its economic challenges if they hope to break the eight-year electoral cycle.<\/p>\n<\/div>\n

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\u201cThe NPP must acknowledge past and present failures of the political class and break away from the norm of labelling all politicians as corrupt. We need comprehensive and far-reaching reforms to address decades of poor governance and economic mismanagement,\u201d<\/em>\u00a0Kwarteng asserted.<\/p>\n<\/div>\n

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He stressed that the NPP must convince voters of their commitment to resolving the country\u2019s problems and demonstrate a willingness to persist despite challenges.<\/p>\n<\/div>\n

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\u201cTo break the eight, we must first break that norm by acknowledging the past and present failures of the political class to provide the kind of quality leadership required to avert the mess in which we find our country today,\u201d<\/em> Kwarteng stated.<\/p>\n<\/div>\n

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He called for the adoption of deep and far-reaching reforms to address the long-standing issues of bad politics and economic mismanagement. He believes that if the NPP sets a good example by acknowledging the country\u2019s challenges, taking responsibility for its mistakes, and implementing meaningful changes, breaking the eight-year cycle will follow naturally.<\/p>\n<\/div>\n

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\u201cOnce we lead by example, we can say with integrity to our people that we are sinking in a common boat and call all Ghanaians to duty. As a political party, if we sincerely believe and can demonstrate our faithfulness to these commitments, breaking the eight will follow naturally,\u201d<\/em>\u00a0he declared.<\/p>\n<\/div>\n

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Kwarteng also addressed public concerns about the spending habits of politicians, urging for transparency and an overhaul of the corrupt public procurement regime inherited from previous governments.<\/p>\n<\/div>\n

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\u201cWe must address concerns about how much of our national resources we spend on ourselves as politicians and take steps to overhaul the corrupt public procurement regime we inherited from previous governments and have continued to live with,\u201d<\/em>\u00a0he concluded.<\/p>\n<\/div>\n

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Kwarteng\u2019s statement has sparked significant discussion, with many Ghanaians agreeing with him while others disagree, insisting that the incumbent government must take full responsibility for the current economic woes of the country.<\/p>\n

Source: www.pulse.com.gh<\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Kwaku Kwarteng, the Member of Parliament (MP) for Obuasi West in the Ashanti region and immediate past chairman of Parliament’s Finance Committee has attributed Ghana\u2019s economic crisis to decades of poor political and economic management by successive governments. In a strongly worded statement issued on Thursday, 25th July, titled\u00a0“To break the eight, we must first […]<\/p>\n","protected":false},"author":1,"featured_media":2505,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[70,69],"tags":[],"class_list":{"0":"post-2472","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"category-politics"},"yoast_head":"\nGhana's economy is being run like a Ponzi scheme - Kwaku Kwarteng laments - Gh-newsbay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ghnewsbay.com\/?p=2472\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana's economy is being run like a Ponzi scheme - Kwaku Kwarteng laments - Gh-newsbay\" \/>\n<meta property=\"og:description\" content=\"Kwaku Kwarteng, the Member of Parliament (MP) for Obuasi West in the Ashanti region and immediate past chairman of Parliament’s Finance Committee has attributed Ghana\u2019s economic crisis to decades of poor political and economic management by successive governments. 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