Recently, the nation has been facing economic difficulties. Currently, the inflation rate is at a high of 54.1 percent and the national currency, the cedi, has been fluctuating against major foreign currencies, specifically after a sharp decline in December of the previous year.
Overall, citizens are facing high costs of living. To address the financial difficulties, the government is currently seeking assistance from the International Monetary Fund. As a measure to manage the country's debts, the government has proposed a debt exchange program, which has met with public opposition.
On Saturday, the Ranking Member of the Finance Committee in the Parliament, Dr. Cassiel Ato Forson, shared his thoughts on the reasons behind the current economic struggles of the country in a Facebook post.
Dr. Ato Forson, the Ranking Member of the Finance Committee in the Parliament, identified 7 reasons for the current economic mess of the country in a Facebook post. He mentioned the following:
The New Patriotic Party (NPP) has appointed the largest number of ministers in the history of Ghana since 2017.
This government has over 1,000 presidential staff members who are paid as article 71 officeholders at the Jubilee House.
The government has appointed a significant number of special assistants to ministers, many of whom receive compensation packages similar to those of deputy ministers in various government agencies.
The pay of spokespersons at various government agencies is often higher than that of directors.
State-owned enterprises (SOEs) have multiple deputy CEOs with generous compensation packages and favorable terms of employment.
The pay packages of CEOs at SOEs are also significant, raising concerns about the use of public funds.
The large number of high-paying positions in SOEs raises questions about the effectiveness and efficiency of these organizations.
The impact of the Over 50 new agencies with zero output, eg. CODA, NADA, MBDA, free SHS secretariat, 1D1F secretariat, Petroleum Hub Development Authority, Ghana cares Secretariat, etc
The unconscionable decision to send over 100 Databank staff to the Finance Ministry as special assistants and paid as customs commissioners on GRA’s payroll!
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