Kwaku Kwarteng, the Chairman of the Finance Committee and Member of Parliament for Obuasi West in the Ashanti Region, has revealed alarming statistics about Ghana’s financial management. According to Kwarteng, Ghana has consistently overspent its revenue by about 40.1% based on data from 2020.
This overspending practice, which predates 2020, has resulted in Ghana borrowing to cover the deficit each year. Kwarteng explained that not only does Ghana borrow to address the current year’s overspending, but it also borrows to cover the deficits from previous years.
In an interview on Joy FM’s Super Morning Show, Kwarteng expressed his concerns about the consequences of this financial mismanagement. He emphasized that under the Nana Addo administration, lenders are becoming reluctant to lend to Ghana due to its unsustainable borrowing practices.
As a member of the governing New Patriotic Party, Kwarteng acknowledged that he, along with other politicians, has been part of the problem. However, he stressed the importance of recognizing past mistakes and taking corrective actions to prevent further damage to the country’s economy.
Kwarteng also highlighted the need for internal reforms to achieve savings and improve Ghana’s financial situation. By addressing overspending and borrowing practices, he believes the country can avoid a financial crisis in the future.
