Kwaku Kwarteng, the Chairman of the Finance Committee in Ghana’s Parliament, has expressed his opinion that while the Domestic Debt Exchange Programme was a positive step, it alone may not be sufficient to resolve the economic challenges currently facing Ghana. As a former Deputy Finance Minister who served during President Akufo-Addo’s first term, Kwarteng believes that the current state of the country’s economy demands a more comprehensive approach beyond simply addressing its debt burden.During his contribution to the presentation made by the Finance Minister on February 16, 2023, Kwaku Kwarteng expressed the view that addressing the economic challenges facing Ghana will require a willingness on the part of the political leadership to make sacrifices. According to Kwarteng, the political elite must be prepared to lead by example and make sacrifices themselves, if they expect the general population to do the same
Kwaku Kwarteng raised the question during his remarks whether Members of Parliament have not been made aware of the concerns raised by Ghanaians regarding the ex-gratia they receive, as well as the high number of V8 vehicles used by political officials, among other expenditures. He argued that in order to reduce expenses, leaders must start with themselves.
While Kwarteng acknowledged the effectiveness of the government’s implementation of the Domestic Debt Exchange Programme (DDEP), he also emphasized that Ghana’s current economic situation demands more than just debt treatment.
During his address to the Speaker, Kwaku Kwarteng called for an aggressive program to reduce expenditures, not just for the present, but also for the future. He argued that this effort must start with the Members of Parliament themselves, as they should lead by example and cut their own expenses. He highlighted the complaints from constituents about MPs using V8 vehicles and receiving ex-gratia payments, which he believes should be addressed.
Kwarteng emphasized that the current economic crisis in Ghana is not only a matter of debt treatment, but also a result of longstanding weaknesses in the management of the economy. He urged both the government and the people to take responsibility for these shortcomings.
Regarding organized labor, Kwarteng urged them to minimize their wage demands, as government expenditure is typically financed through taxation or borrowing. He stressed that putting pressure on the political leadership to meet these demands could have adverse consequences, as evidenced by the current economic situation in Ghana. Kwarteng therefore called on all stakeholders to demonstrate leadership in the face of these challenges.
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