Former Deputy Finance Minister Mona Quartey has identified three key policy measures she said the New Patriotic Party administration “unfixed” that have been the government’s unmaking.
According to her these three key policy measures that were introduced during the era of former President John Mahama were intended to keep expenditures at acceptable levels and ensure government pay is able to meet its debt payment obligations.
The Nana Akufo-Addo led administration is currently confronted with a debt crisis as Ghana’s debt is reported to have risen to over ¢500billion from the ¢122billion the government claims to have inherited from the John Mahama led administration.
The situation is further compounded by the rapid depreciation of the cedi against the dollar and a cost of living crisis that is expected to affect revenues.
Speaking to Sena Nombo in an interview on the Gold Morning Conversation, Mona Quartey said the situation would not have been as dire if the Nana Akufo-Addo administration had not deliberately “unfixed things that were fixed”.
She identified the GIFMIS system, Sinking Fund and zero-financing from the Central Bank as three policy interventions to which government has failed to give the necessary attention.
Ms Mona Quartey said government currently passes only 30% of its total expenditure through GIFMIS, a situation that does not paint a government seeking accountability.
The former Deputy Finance Minister further indicated that government would have been in a better position to meet its debt obligations if it had continued to populate the sinking fund with increased resources from the three oil fields.
Watch the interview below
Story: Sena Nombo/Radiogoldlive.com