A Lot Went Wrong Under The NPP. They Practically Destroyed The Economy– Joe Jackson
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Financial analyst and member of the National Democratic Congress, Joe Jackson has dismissed the New Patriotic Party(NPP)’s rebuttal to President John Dramani Mahama’s assessment of Ghana’s economy, stating that the government’s policies have left the country in a dire financial state. In a strong critique, Jackson argued that the NPP practically destroyed the economy, emphasising that Ghana is broke because it cannot meet its debt obligations.
“A lot went wrong under the New Patriotic Party. They practically destroyed the economy. If you can’t pay your debt, you are broke.” He stated.
Joe Jackson questioned why the government failed to cut expenditure in 2022 after realising the economy was in distress. Instead, he criticised the decision to borrow GHS55 billion from the bank of Ghana, despite the country generating less than GHS80 billion in total revenue. He attributed persistent inflation to this decision, stating that its effects continue to impact Ghanaians.
On the mining sector, Joe Jackson revealed that less than 10% of non-gold mining revenue returns to Ghana, reducing economic benefits. He also blamed the government for mismanaging the cocoa sector, describing its decline as almost criminal.
“Cocoa has been the bedrock of our economy, yet the NPP allowed it to be destroyed. We are struggling to fulfil last year’s cocoa loan obligations, and this year’s cocoa revenue has already been mortgaged” he stated.
He warned that stabilizing the cedi would be difficult due to the damage done to the cocoa export and called for urgent reforms to restore economic stability.
Watch the full statement here: Joe Jackson on Facebook.