We inherited an overheated economy with nothing to show for it – VP’s Economic adviser

Dr. Sharif Mahmud Khalid is the Economic Policy Adviser to the Vice-President. He spoke on Good Morning Ghana, as reported by MyNewsGh.

He explained the economic situation inherited by the current administration. “We took over an overheated economy,” he said. “Everything was in the red.” The central bank was posting losses. A domestic debt exchange programme affected pensions and blue-chip investments.

Dr. Sharif emphasized how low the economy had sunk. “When you tamper with pensions in a debt restructuring, that’s rock bottom,” he stated. He asked, “How did we get there?”

He blamed the previous administration for a "borrowing spree." He referred to it as a Kufuor-Ken-led spree that brought in Eurobonds without results. Instead of investments, there were only bond signing parties at the Ministry of Finance.

Regarding claims that his administration is taking credit for improvements, he clarified, “We’re not here to take credit.” He added, “We’re here to fix a mess.” If there are any positive changes, they will provide context. However, he noted their real commitments: to the debt exchange programme, to the IMF, and to fiscal discipline.