Economy of Ghana Ghana's economy is in a bad state - Osafo Marfo

The Senior Minister-designate Yaw Osafo Marfo said the economy the NPP inherited from the opposition NDC is not an "encouraging" one.

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The Senior Minister-designate Yaw Osafo Marfo has indicated that Ghana currently has a bleeding economy.

He was speaking after President Akufo-Addo named 13 ministers he would like to serve in his government in various roles.

Osafo Marfo after being named as the Senior Minister pending his approval by Parliament said the economy the NPP inherited from the opposition NDC is not an "encouraging" one.

READ ALSO: Stabilise the cedi – Importers and exporters tell NPP government

Speaking to the shortly after his announcement said Ghana was "heavily indebted but not poor."

Osafo Marfo who was a Finance Minister in the erstwhile Kufuor administration described the current GDP rate of 72% as suffocating.

By IMF and World Bank standards when the debt to GDP is above the 70% threshold, the country is said to be Highly Indebted Poor Country.

READ ALSO: Balance sheets of banks will improve - BoG

He, however, denied that Ghana is HIPC.

"We are extremely, heavily indebted but not poor."

"The economy is fundamentally very strong. It is the management that has been a problem."

Ghana’s budget deficit is currently around 8 percent. A figure higher than the 5% expected under the IMF agreement.

READ ALSO: The cedi will be stable – BoG governor

Ghana is currently under a three-year programme with the IMF as part of efforts to bring credibility and stability to Ghana's economy. 2017 is the final year for the bailout.

The Senior Minister was one of 13 minister designates announced by the president in the first batch of ministerial nominees.

The president also nominated Ken Ofori Atta as the Finance Minister.

Ofori Atta said is he is approved by parliament, his main task will be to remove the "nuisance taxes" imposed by the erstwhile government.

“My challenge is to take taxes off; find different revenue stream."

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