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Mr Goosie Tanoh, the Presidential Advisor, has disclosed that the country’s treasury “is alarmingly empty,” complicating efforts to address pressing economic challenges and fulfil campaign promises.
The Presidential advisor on the 24-hour Economy, described the fiscal situation of the country as dire, with “zero financial reserves and a debt-laden economy struggling to regain the trust of international lenders.” Mr. Tanoh said this during a keynote address at the African Centre for Governance and Economic Management Symposium.
The Presidential advisor attributed the crisis to systemic mismanagement, institutional collapse, and reckless spending under previous administrations. He highlighted Ghana’s strained relationship with global financial institutions, citing the country’s recent default and eroded credibility.
“Commercial banks, development partners, and grant agencies are unwilling to trust the Ghanaian state due to our past record over the last eight years,” he said. The Presidential Advisor noted that the situation compounded the difficulty of securing funds for recovery efforts. He criticised the systematic weakening of state institutions, which he claimed were “overwhelmed by unqualified appointees” under the previous government.
He said institutions designed to ensure accountability had been dismantled to escalate corruption. Mr Tanoh outlined immediate priorities, including plugging revenue leakages estimated at over $1.5 billion annually in sectors like gold and tax administration to address the fiscal crisis. He noted that the new administration would prioritise grassroots concerns, job creation, and food security.
The Presidential Advisor asserted that government’s proposed “24-Economy Plus Programme” aims to revitalise strategic value chains in agriculture, industry, and creative sectors. He noted that the programme also aims to support banking and infrastructure services to support local production.
The initiative would focus on measurable targets to reduce import dependency and boost exports. Mr Tanoh called for a “total national mobilisation” to revive Ghana’s economy, urging citizens to actively engage in the recovery process. He pledged regular town hall meetings, media briefings, and digital updates to foster transparency.
Source: GNA
