We Are In Economic Crisis Because Government Misused Covid-19 Funds – Kofi Adams

Buem MP Kofi Adams says Ghana’s economic problems could have been avoided had government put Covid -19 funds to appropriate use.

According to him, revenue generated from Covid-19 could have been used to stabilise the economy.

“Clearly, the report shows in a number of areas that covid, as has been reported to be the reason for why we find ourselves in this mess, was not because…the disease that came around but because of how our government handled the money that came into his hand during the covid,” he said.

Speaking on Newsfile on Saturday, he explained that when the country was hit by the virus Bank of Ghana, World Bank and other stakeholders donated money which was more than enough to cover the health expenses.

“We spent only about 11 billion in covid related and we got about 10 billion to support other areas. If we had done it well today we should be smiling.

He added that “Clearly, per the information, we have received now Covid indeed brought us even more money.”

The legislator questioned why other countries were not in a similar economic crisis as Ghana was since the government blamed the woes on the impact of the disease on the economy.

“Why do you have other countries that suffered covid that are not facing the think of a situation that we find ourselves in?” he quizzed.

Mr Adams further raised concern about why the government wanted to include bondholders’ monies in the debt restructuring when there were other revenue-generating avenues.

“Why are we today unable to honour bonds from persons including even ESLA and Daakye bonds which is linked to a revenue mobilisation of a percentage of VAT that we continue to collect – and oil, fuel, diesel, petrol, LPG that we continue to buy every day these are sources linked to this ESLA, PLC bonds and Daakye bonds,” he bemoaned.

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