Ghana has been run like a ponzi scheme – Kwaku Kwarteng

Former Deputy Finance Minister, Kwaku Kwarteng believes that Ghana has been run just like a Ponzi scheme.

In a statement providing the New Patriotic Party (NPP) a blueprint on how to make history as the political party that has been able to break the eight year cycle, he noted that over the years, Ghana has been managed as a Ponzi Scheme.

“The economic problems Ghana is facing today, at both the national level and in households, are also the cumulative effects of many decades, spanning different governments, of the bad politics and economic mismanagement that have characterised the governance of our country.

Since independence, we have survived by constantly overspending our means and borrowing to finance the overspending. And many of these expenditures are just bad prioritisation,” he said.

Adding that “We always offer higher interest to lenders, borrow more, use a part to repay previous debts, and the rest to pay for the current year’s overspending. So, we have been running our country’s economy like a Ponzi scheme. The economy is struggling today because lenders are now refusing to lend to us. It is just like a Ponzi scheme going into crisis once people stop depositing their monies with them”.

He believes that if the country is runned like it is at the moment, it may collapse.

“Many Ghanaians, myself included, worry that if we continue along the path we have been walking, our democracy will collapse, and with it, all our political parties. To save our country from this looming danger, the political class must acknowledge this reality and change behaviour. And we don’t have time!”

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