Chairman of the Finance Committee of Parliament Kwaku Kwarteng has posited that although the Domestic Debt Exchange Programme was good, it was not enough to solve Ghana’s economic crisis.

The former deputy finance minister who worked in the first term of President Akufo-Addo said the state of our economy will require more than debt treatment.

He made the comments while contributing to the presentation made by the Finance Minister on Thursday, February 16, 2023.

Kwarteng indicated that in solving the economic woes of the country, the political elite must sacrifice if they want the people to do the same.

He asked if the MPs have not heard about concerns raised by Ghanaians on the ex-gratia they take, the several V8s political officers drive in, and other expenditures.

In cutting expenditure, the lawmaker said it must begin at home.

“The DDEP as has been deployed by the government is good but it is not enough. The state of our economy now will require more than debt treatment.

Mr Speaker, not only should we support the government to cut the interest commitments…we must pursue an aggressive programme to rake in expenditure. We must do that not just for today. We must do that going forward. In doing this, I speak not just to the Executive but also speak to ourselves as MPs.

In cutting expenditures, the charity must begin at home, and we must lead by example. Mr Speaker, how many times have we not heard the people who elected us into office say that there are issues with the V8 that we use? How many times have we not heard our people complain about the ex-gratia that we take?

I am making the point that the problem we have today, is not just a debt treatment matter. There is a need to deal with the fundamental weakness that has characterized the management of our economy for decades. We are reaping what we have sown as leaders, government, and people.”

To organize labour, he said they have to also lead by example in the face of challenges.

To him, they should minimize their demands for wages.



“It is not just the politicians that must live by an example. Our friends from labour must know that government expenditure will come from nowhere but either taxation or from borrowing and when we put pressure on political leadership the consequence is what we see before us today,” the MP for Obuasi said.

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