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80% of insurance companies, 17 banks on the verge of collapse

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80% of insurance companies, 17 banks on the verge of collapse – Dr Ato Forson

Ghana’s opposition lawmakers have accused the government of President Nana Addo Dankwa Akufo-Addo of mismanaging the economy for the past six years. The Minority Leader, Dr Cassiel Ato Forson, claimed that this economic mismanagement had made life almost impossible for millions of Ghanaians, with many struggling to afford even one meal a day.

Speaking at a press conference in Parliament, Dr Forson said that Ghana was burdened with unsustainable debt, currently standing at over GHS 600 billion, representing about 103% of the country’s GDP. He added that inflation was running at hyper levels, with daily price increases beyond the reach of the majority of people.

The Minority Leader further stated that interest rates had skyrocketed, and the currency had been in freefall, with a fall of about 20% since the beginning of this year alone. He accused the Akufo-Addo/Bawumia government of withholding interest and principal payments to millions of bondholders under a crude Debt Restructuring Programme.

According to him, pensioners who depend on the little they get from bond proceeds have been compelled to stage public protests against the callous attempt to shortchange them after decades of devoted service to the country.

Dr Ato Forson added that 17 banks and over 80% of insurance companies may be on the verge of collapse because of an ill-conceived Debt Restructuring Programme. He said that all this suffering and pain was because of the gross economic mismanagement by President Akufo-Addo, Alhaji Bawumia, and Ken Ofori-Atta, in whose hands the public purse was entrusted.

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He claimed that the Akufo-Addo/Bawumia government had carried on as usual, adding to the plight of the people with reckless abandon. He said that despite numerous appeals, the government had remained adamant and tone-deaf. The opposition party had directed the Minority caucus in Parliament not to approve any of the new ministerial nominees and to further push for a reduction in the size of government to reduce the needless drain on scarce public resources.

The NDC’s statement had cited the current massive economic mess that the country had been plunged into by the Akufo-Addo/Bawumia government. They called for a governmental haircut, saying that it was the most important thing the government could do in this moment of haircuts.

The President had appointed Adansi Asokwa MP KT Hammond as Minister for Trade, pending approval by Parliament. Abetifi MP Bryan Acheampong is heading to the Ministry of Food and Agriculture. Former Director-General of the State Interests and Governance Authority (SIGA), Mr Stephen Asamoah Boateng (Asa B), is heading to Chieftaincy. Stephen Amoah, Nhyiaeso MP, is now Deputy Minister-designate for Trade and Industry. Dr Mohammed Amin Anta is now Minister of State for Finance, replacing Charles Adu Boahen. Osei Bonsu Amoah, Member of Parliament for Akuapem South, has been appointed Minister of State at the Local Government and Rural Development Ministry.

Ghana’s opposition lawmakers have accused the Akufo-Addo government of economic mismanagement, leading to an unsustainable debt burden, hyperinflation, and a currency in freefall. They have called for a reduction in the size of government, with a view to reducing the needless drain on scarce public resources. The opposition has directed the Minority caucus in Parliament not to approve any of the new ministerial nominees and to further push for a reduction in the size of government.

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Source: Norvanreports.com

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