Sunday , 29 January 2023

Govt’s arrogance makes acceptance of debt exchange tough

Investor and Economic Policy Analyst, Senyo Hosi, fears government’s poor handling of the economy and ongoing debt exchange program is inimical to finding a more sustainable approach of getting out of the current economic quagmire.

He insists, government will face more opposition with its economic plans because of its failure to engage players in the industry on the way forward. 

Senyo Hosi says the unilateral decisions being taken by managers of the economy leave much to be desired.

“I feel that often times, our finance team loses sight of the broad picture and gets a bit more unilateral with their position. I think that there is a bit of hubris that has not really helped. Instead of us engaging and consulting and get alternative ways of getting things done, people have been a bit too inward looking and being more arrogant in their posturing in trying to solve this problem and that is why we are going to have a very tough ride in trying to resolve what we currently have.”

Senyo Hosi was speaking during Citi TV/Citi FM’s forum on Ghana’s debt restructuring.

The event was in collaboration with IMANI Africa and Africa Centre for Energy Policy (ACEP) and on the theme: “Ghana debt saga: Now what next?”

In a bid to restructure its debt, government introduced the domestic debt exchange programme and suspended the payment of some of its external debt.

The debt exchange programme has already recorded some resistance from various labour unions.

The economic policy analyst wants government not to toy with the discussions with stakeholders.

“It’s difficult to tell if engagements have been more aimed at substance or just a mechanism for communicating a decision. It’s very dangerous. Government is just one significant player in the market. The government accounts for just about 20 percent of this country’s GDP. It is the private sector that accounts for the rest. So if you want to make a critical intervention, government must know it is dealing with a policy frame and economy and not just a government book because of the decision rippling effect”.

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