News Guide Africa

Tag: Alex Mould

  • MiDA CEO Raises Alarm Over ‘Wasted Agricultural Assets’

    MiDA CEO Raises Alarm Over ‘Wasted Agricultural Assets’

    The Chief Executive Officer of the Millennium Development Authority (MiDA), Alex Mould, has raised serious concerns about neglected agricultural infrastructure assets across Ghana’s Middle Belt following a week-long field assessment tour of key farming zones.

     

    Mr. Mould made the remarks during a seven-day field assessment mission of key farming areas, which covered parts of the Ashanti, Bono, Ahafo, and Bono East Regions, where the MiDA team evaluated water resources, irrigation potential, agricultural value chains, and institutional coordination mechanisms to identify areas for strategic investment.

     

    The MiDA team engaged traditional authorities, regional and district officials, and private agribusiness operators, while also conducting technical inspections of irrigation schemes, dams, inland valleys, markets, and agro-processing facilities.

     

    Speaking during the tour, Mr. Mould expressed concern about the state of several irrigation infrastructure and facilities that have been left to deteriorate over the years due to poor operations and maintenance practices.

     

    “Going around the farming areas in this country has revealed that we have a lot of wasted assets. Investments have been made over the years, but there has been a lot of neglect in terms of operations and maintenance,” he said.

     

    At the Subinja irrigation site, the MiDA team observed that critical infrastructure had been stripped or vandalised.

     

    According to Mr. Mould, “the pump house originally contained four pumps, an electricity transformer, but these installations have since been stolen,” Mr. Mould observed.

     

    He explained that restoring the facility would require a comprehensive feasibility assessment and coordinated intervention from the Ghana Irrigation Development Authority and the Ministry of Food and Agriculture.

     

    “To rehabilitate the dam, we will need GIDA to conduct a feasibility assessment on how to restore the equipment, dam and fields, rehabilitate the pump house, pumping and piping systems, and restore irrigation canals and reconnect electricity to the facility,” he said.

     

    The MiDA CEO also pointed to significant underutilized and untapped irrigation potential in rice-growing areas, particularly within the Tano North and South Municipal Districts.

     

    “We just left a rice irrigation field that has the capacity to cultivate about 1,000 acres but is currently producing only about 300 acres,” he revealed.

     

    He noted that the construction of a dam in 2008 was never fully completed, limiting the effectiveness of the irrigation scheme.

     

    According to him, completing the dam infrastructure and building a concrete canal distribution system could allow farmers to cultivate the full 1,000 acres and harvest at least two crops annually.

     

    “If we can supply water throughout the year, and provide improved agronomy practices, production could increase from about 1,000 tonnes of paddy rice annually to between 6,000 and 7,000 tonnes,” he said.

     

    Mr. Mould described several such sites as “brownfield opportunities” projects, where existing infrastructure can be rehabilitated and farming activity could be rapidly expanded through targeted engineering and water management investments.

     

    He added that scaling up production in these areas could eventually support the establishment of agro-processing facilities such as rice mills, helping to strengthen agribusiness development and reduce Ghana’s reliance on imported rice and other food commodities.

  • Mould explains Bank of Ghana’s role in government debt payment

    Mould explains Bank of Ghana’s role in government debt payment

    A recent social media post has sparked debate on whether the Bank of Ghana’s (BoG) use of its reserves to pay Government of Ghana (GoG) debt can be classified as market intervention.

     

    According to Alex Mould, a finance and energy expert, such transactions are not market intervention, but rather a simple lending process.

     

    “When GoG debt is in US dollars, BoG’s payment of the debt using its reserves is not market intervention,” Mould explains. “However, if GoG debt was in cedis and BoG sold forex to lend cedis to GoG, it could be considered market intervention plus lending.”

     

    Mould highlights that if GoG used its own cedis from the treasury to buy USD from BoG, it should not be considered market intervention, but a pure forex transaction between a bank and its client. Additionally, mopping up cedis by selling dollars (forex) to the open market is seen as market intervention.

     

    “BoG’s role in the forex market is to manage its reserves and facilitate international transactions,” Mould notes. “The bank does not create forex, but rather obtains it through exports, international loans/grants, and interbank market participants.”

     

    In its normal course of operations, BoG exchanges forex from exporters for cedis and sells forex for international current account operations. The bank’s intervention in the forex market occurs when it sells or buys forex to influence the exchange rate outside of its day-to-day needs as a market participant.

     

    “The circa US$10 billion in question can only be attributed to BoG’s total forex sales over the period, not its interventions,” Mould concludes. “This clarification highlights the importance of understanding BoG’s role in managing the country’s forex reserves and facilitating government transactions.”

  • MiDA CEO assigned as Chief Coordinator for Global Grants

    Alex K.M. Mould, CEO of MiDA

     

     

     

    President John Dramani Mahama has formally designated the Millennium Development Authority (MiDA) as the government’s primary focal institution for coordinating philanthropic and grant-based partnerships.

    In a letter dated September 19, 2025, addressed to the Chairperson of MiDA and copied to the Ministers of Finance and Foreign Affairs, President Mahama cited MiDA’s track record of technical excellence, fiduciary discipline, and effective delivery as the basis for the new designation.

    The move is intended to streamline and enhance the country’s engagement with major international philanthropic entities.

    “This designation affirms Government’s confidence in MiDA’s institutional strength,” the letter stated, emphasizing MiDA’s historical success in implementing large-scale development projects such as the Millennium Challenge Corporation (MCC) Compacts.

    The new role empowers MiDA to serve as the central coordinating body for all government engagements with philanthropic partners.

    This includes strategic alignment with national priorities like the Feed Ghana Programme and the Sustainable Development Goals (SDGs).

    As part of its expanded mandate, MiDA will now be responsible for acting as the lead institution for aligning philanthropic efforts with national development goals, managing secured funds grants, and implementing robust procurement systems.

    MiDA’s designation specifically includes, but is not limited to, collaboration with global philanthropic giants such as the Open Society Foundation (OSF), the Bill and Melinda Gates Foundation, the Mastercard Foundation, and other similar entities.

    President Mahama has instructed MiDA to work proactively with the Ministry of Finance, relevant sector ministries, and designated organizations to unlock impactful development financing opportunities for Ghana.

    “We are confident that under your leadership, MiDA will excel in this strategic role,” the President’s letter concluded, expressing optimism about Ghana’s potential to become a trusted global partner in international philanthropy.

    This strategic shift is expected to bolster Ghana’s capacity to attract and manage international grants effectively, ensuring that partnerships deliver measurable, lasting benefits to the Ghanaian people

  • MiDA Board Inaugurated …Chief of Staff Calls for Collective Progress

     

     

    Chief of Staff, Hon Julius Debrah, has formally inaugurated the Board of Directors of the Millennium Development Authority (MiDA), impassioning the newly appointed members to rally behind the organization’s Chief Executive, Alexander Kofi-Mensah Mould, in propelling the authority’s objectives to unprecedented heights.

    Lauding Mould as “very innovative and progressive,”Mr. Debrah underscored the crucial role MiDA plays in the government’s overarching development agenda.

    The newly constituted board, chaired by the erudite Charles Abugre Akelyira, boasts an impressive array of luminaries, including five ministers of state: Dr. Cassiel Ato Baah Forson (Finance), John Abdulai Jinapor (Energy), Dr. Agnes Naa Momo Lartey (Gender, Children, and Social Protection), Dr. Dominic Ayine (Attorney General and Justice), and Elizabeth Ofosu-Adjare (Trade). Other distinguished members include Alexander Kofi-Mensah Mould, John Awuah (Private Enterprise Foundation), Ralph Mawuenyega Kojo Ayitey (Association of Ghana Industries), and Ing. Dr. William Amuna.

    In a stirring address on behalf of the board’s chairperson, Minister of Energy John Abdulai Jinapor avowed the board’s unrelenting commitment to supporting President John Dramani Mahama’s “reset agenda.”

    “We are poised to help the President achieve his reset agenda, and we will do everything possible to accelerate the economic growth of the country,” Jinapor declared, underscoring the board’s resolute dedication to expediting initiatives that foster sustainable economic growth.

    Ultimately,as the newly formed board embarks on its noble mandate, it is expected to provide visionary leadership and oversight to MiDA, aligning its efforts with the government’s development priorities.

    Gleefully, with this inauguration, the stage is set for synergistic endeavors to drive progress and attain the Ghana’s development aspirations.

     

  • Invest with Confidence: MiDA CEO Champpmions 24-Hour Economy as Bankable and Transparent

    Alexander Kofi-Mensah Mould, Chief Executive Officer of MiDA

     

    Mr. Alexander Kofi-Mensah Mould, Chief Executive Officer of the Millennium Development Authority (MiDA), has assured local and international investors that projects under Ghana’s 24-Hour Economy and Accelerated Export Development (24H+) initiative are not only viable but built on strong foundations of transparency and accountability.

    Speaking at the 24H+ Capital Market Operators Roundtable in Accra, Mr. Mould addressed concerns raised by capital market players about government-related investment risks.

    Participants cited challenges such as corruption in procurement processes, political interference in contract execution, and the historical pattern of discontinuing development projects after changes in government.

    Mr. Mould — a respected finance expert and former Executive Director at Standard Chartered Bank — responded with confidence, emphasizing that these 24-hour economy Programs will have projects that are “bankable.” He explained that each project under the 6 Programs will undergo thorough vetting, backed by feasibility studies, clear regulatory frameworks, and well-structured risk mitigation strategies.

    “Bankability means that investor capital is protected with expected yield on investments assured ,” Mr. Mould stated. “We’re not just offering ideas — we’re presenting executable, results-driven projects.”

    Highlighting MiDA’s strong execution history, Mr. Mould reminded the audience of the Authority’s successful delivery of over $1.1 billion worth of multi-sector projects across infrastructure, energy, and agriculture — all funded by the U.S. Millennium Challenge Corporation. “We did it under some of the world’s most rigorous governance standards,” he noted. “Now, we’re ready to do it again — faster, better, and smarter.”

    He emphasized that for Ghana to realize its economic ambitions, capable and transparent institutions must take the lead. “That’s what MiDA brings to the table — a proven track record, executional rigor, and the ability to turn policy into real-world impact,” he said.

    Adding further weight to the discussion, Mr. Augustus Obuadum Tanoh, Presidential Adviser on the 24-Hour Economy and Accelerated Export Development, outlined how the initiative intends to leverage capital markets to fund the country’s ambitious plans.

    He said the roundtable focused on key enablers such as mobilizing both domestic and foreign investments, managing risks associated with extended operational hours, and ensuring long-term sustainability of the policy.

    “The 24-hour economy isn’t just about more work — it’s about smarter economic structuring that fuels job creation, supports infrastructure, and drives export-oriented growth,” Mr. Tanoh explained.

    Highlighting the importance of accountability, Nana Dwemoh Benneh, Chief Executive of the Ghana Infrastructure Investment Fund (GIIF), emphasized that regular progress reports—covering project milestones, financial performance, and alignment with strategic goals—will be shared with stakeholders.

    He added that independent external auditors will review GIIF’s financial activities, alongside impact assessments to measure how investments are driving infrastructure development across the country.

    The event marks a significant step toward aligning Ghana’s financial sector with its bold vision for continuous, inclusive, and resilient economic growth — a vision under H.E. John Mahama’s 24Hour Economy, which policy is championed by the 24H+ Secretariat with its partners, including MiDA and GIFF that are determined to turn into reality.

  • MiDA rallies MCC successful strategies to champion Grow24 initiative 

    Alexander Kofi-Mensah Mould, CEO of MiDA

     

    The Millennium Development Authority (MiDA) under the leadership of Alexander Kofi-Mensah Mould, is poised to play a central role in Ghana’s agricultural transformation under the government’s new Grow24 initiative.

     

    The Authority envisage to apply the successful strategies from the US$547 million Millennium Challenge Corporation (MCC) Compact.

     

    Grow24, recently launched by President John Dramani Mahama, is a bold agricultural policy under the broader “24hr+” development agenda. At its heart is the Volta Economic Corridor project, which aims to irrigate over two million hectares of land for intensive, commercially viable farming.

     

    MiDA, originally established to implement the U.S.-funded MCC Compact, will now take on an expanded role as a national delivery agency for agricultural transformation efforts. MiDA’s broad experience in infrastructure, energy, and agro-industrial development makes it ideally suited to drive large-scale agricultural initiatives across the country.

     

    “Through the MCC Compact, we developed proven, high-impact models ready for nationwide implementation,” he stated. “We’re now building on that foundation to support food security, economic diversification, and rural industrialization under Grow24”, MiDA’s Chief Executive Officer, Mr Mould disclosed in an interview.

     

    One of the key successes of the MCC Compact was its $189 million Agriculture Project, which included the Land Tenure Facilitation (LTF) Activity. This pilot program enhanced land tenure security, encouraged investment in agriculture, and boosted productivity.

     

    Mr. Mould explained that core components from the Compact—such as land preparation, irrigation engineering, and integrated agronomic systems—will be adapted and scaled to meet Grow24’s ambitious targets.

     

    He described ongoing efforts to clear and level land using precision methods, alongside the design of advanced irrigation systems tailored to various landscapes. These efforts combine agricultural science, economics, and engineering to build sustainable, large-scale farming enterprises.

     

    The Volta Economic Corridor, seen as a flagship of the Grow24 policy, is expected to become a key food production hub, improve export capacity, and create thousands of jobs in rural communities.

     

    MiDA’s role, Mr. Mould said, will be to provide the technical and managerial backbone necessary for the long-term success of the initiative.

     

    “Grow24 represents a bold new vision for agricultural development in Ghana, and MiDA is fully prepared to deliver on that promise,” he concluded.

     

    As Ghana embarks on this new chapter of agricultural growth, MiDA’s renewed mandate under Grow24 could transform the landscape of farming and agribusiness across the nation.

  • Alex Mould leads transformative agenda at MiDA

    Alexander Mould

     

    Adnan Adams Mohammed

    Alexander Mould has assumed the position of acting Chief Executive Officer of the Millennium Development Authority (MiDA).

     

    Known for proven track-record of excellence and a citadel of expertise from both the private and public sectors, with over three decades in Finance, Energy and Governance.

     

    The former CEO of the National Petroleum Authority (NPA) and the Ghana National Petroleum Corporation (GNPC); where he spearheaded transformative reforms at both organizations, driving operational excellence and growth. At MiDA, he is expected to bring a fresh perspective on aligning the institution’s objectives with the government’s development priorities. However, during his inaugural address to the MiDA team, he emphasized his collaborative leadership style, acknowledging the wealth of experience within the organization.

     

    “I am, first and foremost, a people person,” Mr Mould stated, expressing his readiness to learn from the existing team. “I will be relying heavily on your expertise and institutional knowledge to bring me up to speed so we can collectively deliver the results expected from this important institution.”

     

    At MiDA, a key focus of Mr Mould’s vision involves strengthening the organization’s alignment with government’s initiatives, particularly the proposed 24-hour economy program. He has outlined plans to engage in substantive discussions with government stakeholders to identify opportunities for MiDA to take on a more prominent role in the nation’s development agenda.

     

    He highlighted the immediate priority of meaningful conversations with government officials to explore effectively integrating programmes that will support the 24-hour economy initiative.

     

     

    Mr. Mould pledged to work to synchronize MiDA’s activities with the government’s broader growth agenda, stressing that “MiDA needs to be in perfect sync with the government’s vision.”

     

    Emphasizing the importance of cross-ministerial collaboration, he stated that MiDA would actively work with various ministries to identify and potentially assume management of strategic projects, to, ensure effective project management and implementation, delivering tangible results for Ghana.

     

    Looking toward the future, Mr. Mould articulated an ambitious vision for his tenure at MiDA. He expressed gratitude to President Mahama for the opportunity, entrusting him to transform MiDA into a world-class Project Implementation Organization, to deliver his government’s flagship projects in support of the 24Hr Economy agendum.

     

     

    “The legacy I want to leave,” he shared “is to establish MiDA as the government of Ghana’s go-to project implementation unit.”

     

    The appointment of Alex Mould marks a new chapter for MiDA, with a renewed focus on alignment with national development goals and efficient project implementation. His emphasis on collaborative leadership and strategic alignment with government initiatives suggests a potentially transformative period ahead for the organization, as a key player in achieving the government’s broader growth agenda.

     

     

  • Alex Mould diagnoses the Ghanaian economy and the resultant DDE

    Alex Mould diagnoses the Ghanaian economy and the resultant DDE

    Alex Mould

    Adnan Adams Mohammed

     

    Ghanaians are facing a period of economic harshness never experienced after the periods of the military junta in 1980’s.

     

    While inflation is beating about three decades records to record over 54.1 percent for December 2022 year on year, the Ghana cedi is losing its value by over 50 percent and had been adjudged as the worst performing currency as at November last year and current ranking second worst performing currency according to Bloomberg data.

     

    Also the country defaulted in debt servicing to both domestic and foreign debtors as the country’s accumulated debt surpassed its Gross Domestic Product recording  over 105 percent debt to GDP ratio. All these compounded with already global slowdown in economic growth and business activities and as well as drop in remittance to the sub-Saharan regions.

     

    A finance expert has done a deep postmortem analysis of Ghana’s current economic woes and attributed the ‘big factor’ to reckless borrowing and expenditure.

     

    In a question and answer session with a former executive director with Standard Chartered Bank, Alexander K. Mensah Mould, he outlined the causes and solutions to our current economic challenge leading us into a ‘killer’ debt restructuring arrangements under the Domestic Debt Exchange (DDE).

     

    “The financial crisis was largely a result of structural problems that ignored the loss of tax revenue and the slow down in growth in key sectors in a sustainable way”,  the analyst responded to a question on why the government is aggressively implementing the a debt exchange.

     

    “Government was simply not bringing in enough money to cover its growing expenditure including its debt service. This has been exacerbated by high inflation, high physical deficits, low growth in key sectors ,and problems with the exchange rate.”

     

    In explaining what happened that got us into this mess, Mr Mould alluded that, “Financial indiscipline and taking wrong bets via ill-thought through policies emanating from populist manifesto promises.

     

    “Government also was not constrained in its financial management and violated many covenants it signed up for, namely; Deficit not more than 5% of GDP and Public debt to below 60% of GDP. It also misrepresented its ability to keep the exchange rate under control by supporting the Cedi via sustainable strong exports and a strong trade surplus. As long as borrowing cost remained relatively cheap and the economy was still growing then issues like current account deficit continued to be ignored.

     

    “What government did not do was to stress test the economy to see the vulnerabilities and address them by putting some risk management measures in place to address these vulnerabilities.”

     

  • Postmortem of Ghana’s economy and the DDE

    Adnan Adams Mohammed

     

    Ghanaians are facing a period of economic harshness never experienced after the periods of the military junta in 1980’s.

     

    While inflation is beating about three decades records to record over 54 percent for November 2022 year on year, the Ghana cedi losing value to by over 50 percent to be adjudged as the worst performing currency as at November last year and current ranking second worst performing currency according to Bloomberg data.

     

    Also the country defaulted in debt servicing to both domestic and foreign debtors as the country’s accumulated debt surpassed its Gross Domestic Product recording over over 105 percent debt to GDP ratio. All these compounded with already global slowdown in economic growth and business activities and as well as drop in remittance to the subharran regions.

     

    To anihililate  the current challenges, a finance expert has done a deep postmortem analysis of Ghana’s current economic woes and attributed the ‘big factor’ to reckless borrowing and expenditure.

     

    In a question and answer session with a former executive director with Standard Chartered Bank, Alex K. Mensah Mould, he outlined the causes and solutions to our current economic challenge leading us into a ‘killer’ debt restructuring arrangements under the Domestic Debt Exchange (DDE).

     

    1. Why are we asking for the DDE?

     

    Ans. The financial crisis was largely a result of structural problems that ignored the loss of tax revenue and the slow down in growth in key sectors in a sustainable way

     

    Government was simply not bringing in enough money to cover its growing expenditure including its debt service

     

    This has been exacerbated by high inflation, high physical deficits, low growth in key sectors ,and problems with the exchange rate

     

    1. How did we get here?

     

    Ans. Financial indiscipline and taking wrong bets via ill-thought through policies emanating from populist manifeato promises

     

    Govt also  were not constrained in its financial management and violated many covenants it signed up for; namely:

     

    – Deficit not more than 5% of GDP

    – Public debt to below 60% of GDP

     

    Govt also misrepresented its ability to keep the exchange rate under control by supporting the Cedi via sustainable strong exports and a strong trade surplus

     

    As long as borrowing cost remained relatively cheap and the economy was still growing then issues like current account deficit continued to be ignored

     

    What government did not do was to stress test the economy to see the vulnerabilities and address them by putting some risk management measures in place to address these vulnerabilities

     

    1. Why are we going to the IMF?

     

    Ans. Basically we are going to IMF to assist us getting all our creditors to agree to a debt restructuring once we sign up to a economic performance improvement plan (PIP)

     

    If Ghana brings a credible performance improvement plan IMF will get approval to assist Ghana with a loan to help with the budget

     

    We are not going to the IMF solely for a financial bail out ie IMF funds will not solve our problem

     

    The IMF will insist on financial discipline and should also insist for Govt to address the structural imbalances such as :

    – Low taxation

    – High imports of goods and commoditiesthat can be produced here

    – High unemployment

    – Low growth in key sectors

    – High Govt sector employment

    – Relatively high compensation to

    – low productivity of Govt workers

     

    Govt need to be forced not to hide its challenges.

     

    These structural imbalances can be achieved if the following are addressed:

    – Dampening inflation

    – Lower nominal interest rates

    – Encourage private investment in the real sector

    – Spur economic growth

    – Lower transactions costs

     

    All the above are needed to reduce the deficits and also for debt reduction

     

     

    1. What will happen if we do not get a workable PIP and the resulting bailout for IMF?

     

    Ans. Things could only get worse.

    Capital will begin to dry up – we are currently shut out of Eurobond markets

     

    Ghana could face a liquidity crises and will need even larger bailout financing

     

    Ghana could emerge into a recession amidst hyperinflation

     

    Government tax revenues would weaken

     

    This will find many companies failing especially the SMEs which will result in job losses will exasperate the already precarious unemployment situation in the country

     

  • Analysts predict tougher times ahead for the economy and businesses

     

    Adnan Adams Mohammed

     

    Some analysts are predicting tougher times ahead for the economy arguing that businesses looking to expand this year will face very severe challenges.

     

    According to a business analyst, David Ofosu-Dorte, while many businesses had not envisaged such a harsh economic terrain coming into the New Year, the prevailing crisis means companies would have to adapt and probably shelve some of their plans in order to weather the storm.

     

    They emphasized that, the ongoing domestic debt exchange will deprive businesses of key financing support as a result of the liquidity problems it will create for banks in the coming months. To corroborate this, a financial analyst has also shared that, government seems not to have thought through this debt exchange programme thoroughly; the economic contraction implications are dire!

     

    “There will be a general slowdown of the economy and we will either not grow as anticipated, or, perhaps, even not exceed 2% GDP growth this year”, former Executive Director of Standard Chartered Bank, Alexander Kofi-Mensah Mould, in an interview last week said.

     

    “This will be due to less demand, which means that there will be less production, fewer imports, and fewer services being given to the populace.”

     

    Mr Dorte speaking during a TV discussion explained that, “Most businesses don’t expand using returns on bonds except the financial sector. Businesses expand using loans and debt instruments or other corporate financing instruments that they take.

     

    “The challenge is that the banks are going to have liquidity problems, so you will still not be able to do that expansion because the banks will not be giving you the money or the cost of that borrowing will be so outrageous that you’ll not be able to make returns on it so definitely expansion programmes are going to be very very difficult.”

     

    He added that even for businesses that have other sources of income, borrowing for expansion will still be very difficult.

     

    “And if you reduce it to GDP terms, the government’s own expectation of GDP is not that bullish because if businesses are not growing and expanding then we are going to have a situation where we are going to contract. There will be some growth but I don’t expect very bullish growth,” he said.

     

    Consequently, “Now, what does this mean for government revenue?”, Mr Mould asked rhetorically.

     

    “Since the demand of goods and services will go down, it means people will be paying less taxes. Additionally, due to reduced demand – a result of less discretionary expenses – there be fewer imports and as such there will be less duty and other excise taxes collected at the ports.

     

    “So, government revenue will plummet and they may fall short of making the projected revenue in the approved budget.”

     

    The finance and energy analyst further expunged that, the Debt Exchange, if carried out in its current form, will result in many banks not getting any income from Government Treasury Bonds they hold for almost 15 years.

     

    “In some cases, this forms up to 60% of their revenue and is a huge contributor to their profits! To be blunt most banks will be making losses when you combine this loss of income to the high default rate on loans to SMEs and corporates.”

     

    This implies that, with lower than expected revenue, Government will have no other option than to cut down its expenditure.

     

    The first to go will be discretionary expenditure and other non-productive policy programmes.

     

    He said, “We also expect a reduction in the construction of new roads as well as a slowdown in road maintenance, and a lot of non-essential government workers’ salaries being delayed or not paid at all, i.e more expenditure accruals.

     

    “Furthermore, with the statutory payments, like pension contributions, the situation will be worse than it currently is, that is,  government backlog of unpaid pension contributions of government workers.

     

    “Government needs to re-visit this debt exchange program and create policies that will bring back confidence in the economy, as well as attract investment to spur on the economy; resulting in more spending and increased savings.”