The Government Spokesperson on Social Services, Alhaji Yusif Fofana, has stated that he is glad to belong to what he referred to as the “Ponzi scheme government.”
Speaking as a panellist on Hot FM’s Morning Drive with host Don Kwabena Prah, monitored by Puretvonline.com, Alhaji Fofana highlighted the achievements of the current administration, including building schools and dams in the North, providing free health care delivery, and implementing free SHS (Senior High School) education.
His comments followed a critical opinion piece by Hon. Kwaku Kwarteng, Member of Parliament for Obuasi West and spokesperson on the Economy Committee, who attributed Ghana’s economic crisis to decades of political and economic mismanagement.
Kwarteng described Ghana’s economy as being run like a Ponzi scheme due to chronic overspending and borrowing practices.
He stated, “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.”
Alhaji Yusif Fofana acknowledged the economic hardships facing the country but emphasised that the NPP government has made significant strides in various sectors.
He claimed that the current administration has outperformed the previous NDC administration and urged Ghanaians to vote for the NPP in the 2024 general elections to continue the progress.
Fofana’s defence of the government comes amid widespread public concern over the state of Ghana’s economy and debates about the best path forward for the country.