Former Chief Executive Officer of the Ghana Investment Fund for Electronic Communications (GIFEC), Prince Ofosu Sefah, has criticised the government’s decision to reduce expenditure in response to revenue shortfalls, arguing that the approach is affecting development projects and economic activity.
According to Mr Ofosu Sefah, the government has reduced capital expenditure after falling short of its revenue targets.
“You are not achieving your revenue targets, and therefore you’ve had to cut expenditure so much. Capital expenditure, which is how we are building our roads,” he said on Joy Prime.
He contrasted the current approach with projects undertaken under the previous administration, citing investments in roads, interchanges, railways and the Free SHS programme.
Mr Ofosu Sefah also questioned the government’s description of the spending reductions as fiscal responsibility.
“When we call you out on it, you say that it’s fiscal responsibility. Is that what you promised Ghanaians?” he asked.
He argued that the spending cuts have affected economic activity and urged the government to explain why it had not met its own revenue objectives.
“There is nothing going on in the markets… You are failing to achieve your objectives,” he said.
