Speaking on JoyNews’ Newsfile, the former Dalex Finance CEO said Dr. Adongo’s public remarks were unusual and inappropriate for someone serving on the central bank’s board.

“When I heard Dr. Isaac Adongo speaking about the over-the-counter dollar issue, I was thinking to myself, why would a board member get involved in something like that?” Ken Thompson asked.

“It’s a PR matter. Why are you getting involved?”

Mr. Thompson stressed that such issues should be handled by communication professionals or executives directly managing monetary operations, not board members.

“There are a lot of issues related to it, and really, I wouldn’t have gotten involved in it at all as a board member,” he said.

“What he did was almost rare. I haven’t come across those kinds of situations. That’s where I stand on the matter.”

His comments came days after Dr. Adongo announced plans to intensify restrictions on over-the-counter access to foreign currency.

In an interview on PM Express with Evans Mensah, Dr. Adongo explained the policy direction: “If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”

The announcement has stirred debate, with critics calling for clearer communication and better coordination from the central bank.

Mr. Thompson believes such pronouncements, especially when coming from a board member, create confusion about roles and weaken institutional discipline.

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Speaking on Joy FM’s Super Morning Show on Wednesday, November 20, Mr. Thompson expressed concern about the rising national debt and the government’s continued borrowing.

Mr. Thompson cautioned that borrowing for immediate consumption, such as purchasing luxury items like four-wheel drives, funding international trips, and covering operational costs like wages, is not a sustainable approach for the country.

He argued that borrowing should be reserved for long-term infrastructure projects that will benefit the nation’s future.

“We have to pay the debt, and we must live within our means,” Mr. Thompson said. “We cannot spend what we don’t have.”

He emphasised that it is essential for the government to evaluate each borrowing decision carefully, ensuring that it will bring tangible benefits to the people of Ghana.

The finance expert also cautioned against using loans to fund consumption, advising that borrowing should be directed solely toward projects that will support long-term development.

“Do not borrow to fund consumption,” he reiterated. “Borrow only for infrastructure projects, and we must be committed to repaying our debt.”

Mr. Thompson also drew a comparison between the economic challenges faced in the 1970s and the current situation, suggesting that times were tougher but people found ways to adapt.

He mentioned how industries such as tourism, which provided job opportunities for younger people, played a vital role in economic survival during more difficult periods.

Looking ahead, Mr. Thompson called for the government to prioritise sustainable financial management, warning that failure to address the national debt responsibly could have serious long-term consequences.

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Speaking to Evans Mensah on Joy News’ PM Express, Thompson expressed scepticism about the effectiveness of debt forgiveness, suggesting that it merely postpones Ghana’s economic challenges rather than resolving them.

“I have been speaking about the Ghanaian economy since 2014, and I can assure you, as night follows day, that this $300 million from the IMF is merely covering the cracks; nothing will change,” he said on Tuesday.

He added, “As Ghanaians, we need to start preparing for a rough next ten years. We talk about savings, but when has the government ever met its revenue targets?

“And do you think international creditors are so naive that they won’t take the money if it’s available? Why would they give us a free pass? These are commercial creditors.”

Finance Minister Dr Mohammed Amin Adam recently announced the completion of Ghana’s debt restructuring program with its official creditors.

According to the Karaga MP, the government has successfully restructured $5.1 billion in debt with these creditors and concluded the restructuring of $13.1 billion with Eurobond holders.

Addressing attendees at a UK Town Hall meeting, Dr Amin Adam highlighted that these efforts have resulted in $8 billion in savings for the country.

“Two weeks ago, we concluded negotiations with the official creditors and agreed to restructure $5.1 billion. The government has negotiated well, and we are going to save $2 billion from this amount.

“As I speak to you, tomorrow morning, there will be an announcement that we have also concluded our negotiations with the Eurobond holders for $13.1 billion.

“Ladies and gentlemen, when we announce it, please read the details. We have negotiated a good deal for Ghana, resulting in $8 billion in savings,” he said.

However, Mr. Thompson remains unconvinced that the situation will improve for Ghanaians.

“There is nothing that will make me even consider for 1% that anything is going to change.

“The situation with the local currency is not going to change. All that’s going to happen is that as soon as the money comes in, the currency will stabilize temporarily,” he stated.

He predicts that after the December elections, the Ghanaian cedi will once again decline sharply against major international currencies.

“If we couldn’t solve our problems with over $10 billion in six years, how are we going to solve them with three billion?” he questioned.

“Let’s be real. I’ve heard economists talk endlessly, and after the fact, they come and explain what happened. I can assure you that’s what will happen again. When has the government ever met its revenue targets? There’s what you plan on paper and then there’s reality,” he said.

He emphasised that Ghanaians should prepare for the worst as the coming years will be very challenging.

“Let’s acknowledge that the next ten years will be very rough. The government will have very little money to work with, and we are also cut off from international capital markets,” he stated.

Thompson advised government to “find ways to cut expenditure and increase income.”

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Speaking on JoyFM’s Super Morning Show, Ken Thompson said that the current system for businesses is fraught with challenges the government has failed to address despite numerous stakeholders highlighting them.

“The government of Ghana doesn’t care about the private sector. The government doesn’t care about creating jobs. The government is only interested in governments and the people that benefit from their largesse. The government of Ghana does not listen, and anytime we complain, they reel out projects that have been done. ‘We built this block, we built this garden, we built this shop’. Who cares?”

Mr Thompson noted that the business environment in Ghana is not one in which any business can thrive, adding that stakeholders’ concerns are often met with irrelevant government responses.

“We’re in a situation where we are living day-to-day, we cannot plan, we don’t know where we invest. Our hard-earned savings are gone. And you know, nobody’s listening. The government does not care. All the government cares about is spending more and more money on itself.”

“So what’s the consequence? Interest rates are high, you can’t do business, the population is poor, so they can’t spend. Infrastructure- critical infrastructure is weak; water, electricity, roads is weak. And where you can find if it’s expensive,” he said.

Ken Thompson’s comments follow the decision of several notable brands, including Nivea, Jumia Foods, Lipton Tea, Dark and Lovely, BET 365, Game, and BIC, to cease operations in Ghana over what they say is the precarious economic environment in Ghana.

The situation has raised concerns about the impact on job creation and economic growth.

The latest to announce the closure of its operations in Ghana is the food delivery outlet, Glovo. The Spanish firm announced last week that it will be exiting the Ghanaian market on May 10, 2024, citing profitability challenges and a reassessment of investment priorities.

This decision will not only affect the many jobs created by the firm for young and ordinary Ghanaians but also its contribution to Ghana’s GDP.

These multinational firms, particularly in the consumer space, have cited the high cost of borrowing, astronomical taxes, elevated inflation, and perennial exchange rate depreciation as the major reasons for their exit.

Meanwhile, Mr Thompson says that although some people have expressed hope that these exits will allow Ghanaian businesses to take over the space, that will not be a viable solution for the private sector.

He said Ghanaian businesses will grapple with the very issues that drove out the multinationals which have the potential to wipe out their capital.

“I’m all for indigenous businesses growing because the only companies that will develop this country, and it’s all over the world, are indigenous businesses. But even if the indigenous businesses take over, we will face the same problems…If you started a business last year with GH₵100,000, it’s not GH₵100,000 now, it’s worth probably GH₵30,000. Who does business like this? How can business thrive?”

“The government is not interested. All it’s interested in is spending, spending, spending more money. The sad thing about this is that having multinationals as part of the economy gives you credibility and attracts other people to use you. So who else is going to come and invest? And we need people to invest. Let’s deal with the issues and stop going around in circles. That’s the real issue. It makes me extremely angry. Nobody is listening, we’re not interested in projects,… I’m interested in how I can plan, and have a framework that allows me to plan. You can’t plan for more than one day, what system is this?”.

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He believes that the ruling government has taken advantage of and deceived Ghanaians.

Speaking on JoyNews’ Newsfile on Saturday, Mr. Thompson said the government utilised funds from Ghanaians for exchange programmes during a time when the economy was in disarray, yielding no significant benefits.

“I feel cheated, I feel used and I find what they have done as immoral,” he said.

Mr. Thompson raised concerns about the lack of attention to the struggles of ordinary Ghanaians in the budget presentation.

He emphasised the challenges faced by the populace, including the high cost of living and widespread unemployment and questioned the government’s failure to address the pressing issues affecting Ghanaians

“Economic prosperity is not about numbers, economic prosperity is not about GDP, it is about the value of the cedi in your pocket and as we sit now, the value of the cedi in our pocket is gone.

“The government has not made any sacrifices, we [Ghanaians] have made those sacrifices. There’s no job for the boys, planting for food has failed so what are we getting,” Mr Thompson stressed.

Highlighting the adverse economic conditions, the Dalex Finance Chief Executive pointed out that the cost of living and doing business in the country is steep, with high interest rates exacerbating the situation.

Mr. Thompson emphasised the depreciation of the national currency, which he said has eroded the country’s capital, and questioned the tangible benefits accrued to Ghanaians from these developments.

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He was referring to the ballooning public debt and expenditure amidst an economic downturn and its resultant economic hardship on Ghanaians.

The CEO listed the health sector, education sector, security and food sectors, and the private sector as key areas the government must focus on.

“From where I sit Ghana needs to move to survival mode now and we need to focus on how we make the ordinary Ghanaian survive. It is survival mode now. The point I’m trying to make is that we can’t afford not to do anything now and let’s focus on supporting in this survival mode the ordinary Ghanaian,” he said on Joy FM’s Super Morning Show.

Ken Thompson said it was imperative for government to ensure basic health care for all Ghanaians.

He called for investments into health infrastructure, the health insurance scheme and other health-centered programmes to ensure quality healthcare delivery.

Speaking on education, he reiterated calls for the scrapping of the boarding school system.

“We cannot afford this boarding school system, it’ll kill us, it is killing us. I mean, go to any school… it’s pathetic. We can’t afford it,” he added.

According to him, in its stead, the government can introduce a new system where parents who want their children in boarding schools can pay hostel fees to the school among others.

“And if you want your child to go to Adisadel or Achimota, we can have a system where you pay for the hostel fees… And if you go to countries with good educational systems the people that go to boarding school pay through their nose and the rest go to public schools which are community-based,” he said.

He called for more investment into security as well.

He said the rise in violent extremism outside of the country’s borders is a matter of grave concern and must be prevented from spilling into the country.

“Security is important because we’re aware of things that are happening outside our borders and we don’t want an overspill to disrupt the little peace that we have, and let’s not take that for granted,” he said.

On food, he said government must do more to ensure food security and arrest the rapid food inflation that continues to double food prices every few months.

“I mean food inflation in Ghana now is nearly 50%, I think it’s probably more. That means that nearly every 12, 13, 16 months or so prices double. There are Ghanaians that are going to bed hungry as we speak every day. This is survival. And if our politicians don’t understand it, we’ve got to make them understand,” he said.

“As for the list of expenditures to cut, the list is so long I don’t want to go there, but focus on getting us to survive, focus on getting ordinary Ghanaians to survive , focus on not lying to us, focus on showing us that you understand the issues and give the private sector room to work.

“I mean as private sector there are so many obstacles and we lack inspiration. If you want to do business in Ghana you give up. What is wrong with us?” he added.