Don’t engage in unnecessary spending during Christmas and New Year festive – Dr. Sa-ad Iddrisu

December 11, 2022

Dr. Sa-ad Iddrisu, a US-based Ghanaian economists has urged government workers to spend wisely during this Christmas and new year festive season.

Dr. Iddrisu said looking at the current economic situation of the country the government would find it difficult to make payments of salaries on time. This is to affect the upcoming months of next year.

He suggested that it would be ideal and wise for Ghanaians to save the little they have for the upcoming months. This is because there is no head way in solving the current economy situation.

Also, it’s is highly possible that the country might suffer some sort of financial crisis.

“Government may soon start struggling to pay salaries, considering the level of financial difficulties the country is currently in due to the reckless over-borrowing and mismanagement by the Minister of Finance, Ken Ofori-Atta, and the Economic Management Team”.

“I am therefore cautioning you to be mindful of your spending this Christmas and New Year season. Do not be a spendthrift during the holidays as times may become harder next year”.

“The government’s hope is on the $3 billion IMF loan facility which doesn’t seem feasible at the moment until the government debt restructuring program is able to bring down the country’s debt to GDP ratio to the range of 25% to 55%. Currently, the total public debt of the country is more than 460 billion cedis, and more than 76% debt to GDP ratio,”.

“The more you come to the realization that the NPP government has mismanaged the economy, the better it will be for you to cut back on your individual spending as citizens during this yuletide, so as to have some savings to fall back on when payment of salaries starts to delay,” He concluded.

SOURCE: Coverghana.com.gh