The former Finance Minister Seth Tekper on Adoa TV AM Ghana gave an overview of where the previous administration left the economy.
He stated which the global financial crisis started in 2007 and 2008 and until Covid-19 was the world’s biggest crisis when the banking sector was going down in the big economy the after effect.
“When you have a crisis, demand from advanced country fall and supply lines cease, until it gets to Ghana where you lose foreign exchange and revenue and then budget suffer.”
He lamented that the country went through the crisis and there was a rise in crude prices in 2014 where there was a single spine and also the distraction in gas supply from Niagara (Dumsu).
He said the previous government inherited the economy on a global crisis.
The positive side was the start of crude oil export that helped in managing the economy.
Despite the fall in crude oil prices, the NDC invented two additional oil fields; Sankofa which added to Jubilee in which crude output increased from over 70,000 barrels gas and also increased revenue from below Gh¢1 billion to Gh¢5billion.
Mr. Tepker said 500 million dollars was used as revenue in the sinking fund.
The balance 200 million was in the sinking and the NPP used it to pay the final installment in 2017.
He further added that the NDC left a debt of about 120 million or 57% of Gross Domestic Product.
We left money in the infrastructure fund.
All this is contrary to what Ghanaians are being told that we left a Terrible economy the former minister reiterated.
But what we left to benefit the NPP government, we admit our red line which is the energy sector debt and some areas.
Energy sector The economy was growing under the ability to supply power using the Tema plan
Crude prices was high and it took the NDC two years to manage the inefficiency.
Story by Naa Anyema Collision