Our economic handlers are suffering from illusionary superiority – Financial Analyst

A Financial Analyst, Mr Michael Nii Yarboi Annan has said the managers of Ghana’s economy are not ignorant, however they are suffering from what he described as illusionary superiority.

That he said was because the managers feel they know so much and therefore do not listen to advice from others.

“I don’t believe that the current economic handlers are ignorant economist but to say I believe that they are all suffering basically from what we will call the illusionary superiority where people feels they know so much and therefore they are not prepared to listen to any other person”.

Mr Yarboi Annan was speaking on Alhaji and Alhaji on Pan African TV on Saturday, December 7 monitored by GhanaPlus.com.

He made the comment while contributing to discussions on the 2022 budget statement presented to Parliament by government and the accompanied brouhaha which has greeted it.

The financial analyst attributed country’s current financial owes to recklessness by managers, adding that the problem did not start in 2020.

To him, budget statement are mere plans and one has option whether to be or reckless or be prudent, in Ghana’s case, managers chose to be reckless.

“Our issues did not begin from 2020, it began way before 2020. Now go and look at the 2017 budget government sent to Parliament, they clearly state in there that the erstwhile government borrowed more because they had an open in terms of debt to GDP ratio and that is why government went on to borrow and that came up to about 120billion so they are aware of it that someone took advantage of the ratio in terms of debt to GDP therefore, whoever is leading the economist team of this government is not ignorant,” he said.

“Turn to 2020, when there was a rebasing when there was another opportunity when the DP was looking better that was when the borrowing started,” the financial Analyst added.

“2019, they had actually indicated in their budget if my memory should set me right, paragraph 23 in the 2019 budget. They had indicated that the rebasing couple with other items that were brought into the computated of our GDP has enlarged our GDP base by 25% so again Dr Bawumia was not ignorant, Mr Ken Ofori Atta was also not ignorant of these fact but they also saw it as an opportunity to be reckless to go out there and go and borrow,” he emphasized.

Source: GhanaPlus.com