Speaking on Morning Starr with Lantam Papanko, Mr. Adams adumbrated that Kwarteng was appropriate back he said the government is managing the abridgement like a Ponzi scheme.
After initially criticizing a tax as a nuisance while in opposition, he categorical how the government absitively to float bonds to bright debts added bound already in power.
“They floated the bonds, took the money, and chopped the money. So today, the debt has added than quadrupled. If this is not a Ponzi scheme, what is it? That you accession bonds in the name of ESRA, which has existed. You accept the money. The debt was not cleared,” he said.
Mr. Kofi Adams additionally criticized the administration’s tax absolution policies, pointing out instances area companies approved exemptions beyond their absolute advance amounts.
“One aggregation came for tax exemption. The bulk of money it was allurement to be exempted is added than the money it is alike advance in the project,” he added.
Mr. Adams additionally acclaimed the cogent access in civic debt and the abridgement of actual allowances from such borrowing.
“They accept added our debt from aloof 120 billion to 712 billion Ghana cedis in a abbreviate period. There’s annihilation to appearance for it afar from a 58-million-dollar aperture for a cathedral,” he said.
The Buem administrator said that admitting actuality allotment of the cardinal party, Kweku Kwarteng has aboveboard addressed the banking issues aural the government.
“Kweku Kwarteng is right. I account him for his position on such matters,” he said.
Kofi Adams, therefore, apprenticed Ghanaians to vote for a new government that makes applied and allusive promises.
“We are authoritative astute promises. Promises that will lift Ghana out of its accepted challenges to a akin area anybody benefits," he said.
Background:
A above Deputy Minister for Finance, Kwaku Kwatey, has said Ghana’s bread-and-butter challenges for years now are the aftereffect of bread-and-butter corruption by alternating governments.
According to him, “we accept been active our country’s abridgement like a Ponzi scheme.”
“The bread-and-butter problems Ghana is adverse today, at both the civic akin and in households, are additionally the accumulative furnishings of abounding decades, spanning altered governments, of the bad backroom and bread-and-butter corruption that accept characterized the babyminding of our country."
“Since independence, we accept survived by consistently absurdity our agency and borrowing to accounts the overspending. And abounding of these expenditures are aloof bad priorities."
“We consistently action college absorption to lenders, borrow more, use a allotment to accord antecedent debts, and use the blow to pay for the accepted year’s overspending. So, we accept been active our country’s abridgement like a Ponzi scheme. The abridgement is disturbing today because lenders are now abnegation to accommodate to us. It is aloof like a Ponzi arrangement activity into crisis already bodies stop depositing their money with them," the Obuasi West administrator appear in a statement.