Franklin Cudjoe is advising President Akufo-Addo to invest part of the nearly US$4billion the nation has saved as a result of not paying its debts until 2026, into a “growth-multiplier and a sinking fund” to help his successor.
The President of IMANI-Africa says the investment will provide some relieve to the next President due to what he calls the “fiscal reckless journey” President Akufo-Addo has put Ghana through.
According to Mr. Cudjoe, the next President will suffer economic setbacks if some funds are not left to cushion the administration in its early days.
His comments come on the back of the President’s statement that he has fulfilled the assurance he gave Ghanaians of knowing how to restore the economy and not bringing back lives at the peak of the Covid-19 pandemic.
During the presentation of credentials to nine newly appointed diplomats at the Jubilee House Monday, June 24, 2024, President Akufo-Addo said his assurance of reviving the economy at the peak of the Covid-19 pandemic was true, as Ghana is now recovering from the economic turmoil it went through.
“If you will recollect, I did say, at the height of the pandemic, that we knew how to bring the economy back to life, but did not know how to bring people back to life,” President Akufo-Addo reminded the audience.
“This remark was made to justify the extraordinary expenditures that Government was forced to make during the pandemic to afford relief and protection to the population. I believe, in all humility, that the nation is today appreciative of the validity of my statement, as our economic recovery is strongly on course,” the President indicated.
But Franklin Cudjoe who said the President shouldn’t tout himself for the feat because he literally stole from people’s investments through his debt restructuring programme, asked Mr. Akufo-Addo to make some investments from the savings the nation made in order not to put the next administration in much distress.
“My advice is simply this, please invest some of the nearly $4bn savings made solely because you wouldn’t have to pay debts you scrambled for until 2026 in only growth- multipliers and the rest in a sinking fund to help your innocent successor, in case it is not Bawumia to breath a little from what has truly been a fiscally reckless journey,” he stated.
Franklin Cudjoe added that “the next IMF visit is imminent unless the next government reduces overall expenditure by at least 40% and embark on freeing the private sector and all individuals from the many vampire taxes and charges.
“This alone will partially encourage real investment in many parts of Ghana so our young girls from the North wouldn’t have to flock to the the South to be head porters (Kayayos) and cause opportunistic politicking in organising election ‘colleges’ for them to graduate in ‘short courses’ with unavailable demand for their produce due to the harsh economy,” added the President of the IMANI Centre for Policy and Education.
