He claimed that Ghana’s difficulties are primarily due to leadership issues, hence electing a businessman as president will be beneficial.
In an interview that was shown on Joy News’ Upfront on Wednesday, he discussed ways to rescue Ghana from its current economic crisis and prevent a default on its debt. What kind of president does Ghana currently need? We have had lawyers serve as Presidents, Dr. Duffuor said. Why don’t we try a businessman? Kuffuor was a lawyer, Professor Mills was a lawyer, Akufo Addo is a lawyer, Mahama is a communications expert.
Dr. Duffour also disputed the government’s claim that the Covid-19 outbreak and the Russia-UKraine war are to blame for Ghana’s current economic problems and worrying currency depreciation. He attributed it to poor leadership practices.
“During the same time period, single digit inflation was recorded in 15 African nations, including Togo, Ivory Coast, Morocco, Kenya, Uganda, and others. These nations did not abandon the Covid-19 or the Russia-Ukraine war. Ghana is doing something incorrectly.
He urged the Ghanaian government to avoid using the majority of its tax revenues, borrowings, and grants for consumption expenditures and instead invest more in capital expenditures to create jobs and boost tax income.
“Ghana overborrowed, and we are experiencing a revenue crisis. But we spend more than 70% of our income, grants, and borrowed money on consumption; instead, we need to invest in infrastructure development so that more people can find jobs, which would raise government revenue. Currently, hardly much money is spent on capital projects. He continued, “We borrow to make up the difference in our income, we pay interest on loans with borrowed money, and now the foreign market has stopped lending to us only because we can’t handle our debt.
Dr. Kwabena Duffuor further blamed the pressure on the Ghana cedi to structural flaws in our mineral and oil export arrangements to balance our import payments as well as a scarcity of US dollars in the system as a result of excessive government borrowing.