Chairman of the Finance Committee of Parliament and Member of Parliament for Obuasi, Kwaku Kwarteng, has indicated that although the Domestic Debt Exchange Programme (DDEP) was good, it was not enough to solve Ghana’s economic crisis.
The former Deputy Finance Minister, who served during President Akufo-Addo’s first term, stated that the state of our economy will necessitate more than just debt relief.
He made these comments while contributing to the presentation made by the Finance Minister on Thursday, February 16, 2023, on the floor of parliament.
Mr. Kwarteng mentioned that, in solving the economic woes the country is facing, leaders must put in place measures that will not only solve the crisis now but also solve it on a long-term basis.
He added that members of parliament and government officials must sacrifice if they want the people to do the same.
According to him, cutting down on expenditures should be the way forward, as he believes “charity begins at home.”
“Mr. Speaker, how many times have we not heard the people who voted for us complain complain about the V8s, the ex-gratia we take and other expenditures”.
The MP for Obuasi is of the view that there is a need to deal with the fundamental weakness that has characterized the management of our economy for decades.
“We are reaping what we have sown as leaders, government, and people”, he added.
“It is not just the politicians that must live by example but our friends from labour must also know that government expenditure will come from nowhere but either taxation or from borrowing and when we put pressure on political leadership the consequences are what we see before us today,”