Resign: You don’t have the competence to manage the economy– NDC’s Beatrice Annan tells President

Member of the National Democratic Congress (NDC)’s communication team, Lawyer Beatrice Annan has called on the President to resign to enable the country hold fresh election to elect leaders who are competent to run the affairs of the country.

Speaking on TV3 NewDay on Thursday, August 11, monitored by GhanaPlus.com, she said the government not discipline, and does not have the competence to manage the country and its economy.

“This government has had 500bilion, 500billion by way of revenue and inflows into the country. It is the government that has increases our debt from 120 to 393billion and yet the government does not have single school, a single regional hospital, a single district hospital. The other day the President told us that he miss spoke so even the much touted agenda 11 cannot be achieved. Another time we are told that they are facing challenges with lands,” Ms Annan.

“What am saying is that this government has been the most indiscipline government. They have not been prudent, they did not take the people of Ghana serious and certainly They do not have the competent to manage the economy and so they should resign for a new election to be carried out because we don’t want Sri Lanka in Ghana,” she added.

Ms Annan was speaking about the latest downgrade of Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘.

Fitch downgrades Ghana to ‘CCC’

Fitch, an American credit rating agency and is one of the big three credit rating agencies in the world on Wednesday downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘

The downgrade, the rating agency attributed it to the “deterioration of Ghana’s public finances, which has contributed to a prolonged lack of access to Eurobond markets, in turn leading to a significant decline in external liquidity”.

“The government has requested support from the IMF, which is likely to lead to additional financing from the IMF and other multilateral lenders. However, the government’s high interest costs and structurally low revenue as a percentage of GDP have increased the likelihood that IMF support would necessitate some form of debt treatment, although this is not our main scenario. The high interest burden on local-currency debt also means that the inclusion of a domestic debt treatment cannot be ruled out,” Fitch said.

The rating comes in barely a week, S&P Global Rating, an American credit rating agency downgrade Ghana’s credit worthiness from B-/B to CCC+/C and review it economic outlook to negative.

Source: GhanaPlus.com