Convener of the Individual Bondholders Forum, Senyo Hosi, has stated that during the tenure of the former finance minister Seth Terkper, the country’s borrowing was done in a principled way.
According to him, even though the ex-minister’s style was largely mocked and attacked, he appears vindicated in current times.
Senyo Hosi chided the current government for misusing funds it has borrowed since assuming office in 2017.
“When Seth Terkper was in office he used to speak about smart borrowing. A lot of people were ridiculing him, today, a lot of people can only look back and [see him vindicated],” he was quoted by myjoyonline.com.
“If we are not taking advantage of this entire plot to properly turn around our economy then we would have wasted the crisis. As we sit now the government has not shown any signs that it has learned the lessons because we have not seen it take the fiscal actions that are required,” he said.
Senyo Hosi stated that even though Seth Terkper’s stance did not place him in the good books of many, it has shown in the long term to be an effective tool for solving economic problems.
“When we [last] went to the IMF, Seth Terkper was then in office. He was quite adamant and that was when we all started hearing about ‘consolidation’.
“You could see [action] coming from the head of the financial sector, letting people know that business will not be as usual. He got into trouble with a lot of his colleagues in cabinet and I don’t think he has fully recovered from that but he was doing what was professional and what was right,” he added.
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Seth Tekper is a former finance minister