Mornah, Economic difficulties: Because Ofori-Atta didn’t nominate himself, I can’t hold him entirely responsible.
Former PNC National Chairman Bernard Mornah has stated that because Finance Minister Ken Ofori-Atta did not elect himself into office, he should not be held primarily responsible for the economic difficulties.
He laid the blame squarely at President Nana Addo Dankwa Akufo-Addo’s feet for failing to take action to ensure that the appointees fulfill their duties.
The Big Issue on TV3 on Tuesday, July 11 featured a discussion on the health of the economy. Mr. Mornah commented, “I can’t blame Ofori-Atta that much because he did not appoint himself, I blame the president.”
He also charged the president with believing lies about things like how local economies were impacted by credit rating downgrades.
It should be remembered that Akufo-Addo referred to Ghana’s downgrading by credit rating firms as reckless.
According to him, the downgrades made the problems in Ghana and other African nations worse.
For instance, Fitch Ratings downgraded Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to “RD” from “CCC” in April of this year.
“The AU champion for African financial institutions and leader of a country that recently had to deal with one of the most difficult periods in his post-independent history, difficulties that were exacerbated by the reckless behavior of rating agencies that engaged in pro-cyclical downgrades that shut Ghana out of the capital market and turned a liquidity crisis into a solven crisis,” said President Akufo-Addo on Sunday, June 18.
Bernard Mornah, however, said that since the agencies gave Ghana positive ratings while the economy was booming, their current poor ratings cannot be accurate.
We are undoubtedly experiencing a crisis, thus it is one of the lies to attribute the economic difficulties to the rating agencies, he said.
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