Former finance minister, Seth Terkper, has expressed dissatisfaction over Ghana’s failure to save for crisis periods despite having three oil fields.

In an interview on Morning Starr with Lantam Papanko Monday, August 26, 2024, Mr. Terkper argued that the government’s inability to fully supply the contingency fund and other funds has left the country battling to cope with disasters and economic challenges.

Mr. Terkper recalled that the contingency fund was established to get ready for crises, but the money taken out in 2015 and 2016 has not been substituted. He also condemned the government’s handling of the strategic funds, which were established to pay off debts but have been depleted instead.

The former finance minister pointed out that Ghana’s economic difficulties are a result of poor management. He noted that the government has continued to borrow without putting money into the sinking fund, further diminishing it. This approach, Mr. Terkper countered, will only lead to further economic challenges.

Mr. Terkper’s comments come as Ghana faces significant economic challenges, including high debt levels and revenue shortcomings. He cited that a reset in economic policies is necessary to stir up economic growth and reduce dependency on debt.

The former finance minister concluded by asking if Ghana should continue with “bankrupt policies” that will further harm the economy, emphasizing former President Mahama’s call for a reset in economic policies.