The Government of Ghana must behave like “smart business people” in order to save the ailing economy of the country which is near collapse, Dr Papa Kwesi Nduom has said.

According to the 2012 flagbearer of the Progressive People’s Party (PPP), it is about time the John Mahama-led administration “humble” itself and “take the bitter pill” for Ghanaians to have confidence in it.

In a Facebook post, Dr Nduom said: "The European Union on Friday said it would resume budget support of 161.38 million euros ($181.84 million) to Ghana after suspending aid in 2013."

“An IMF Official last week said, "For countries at high-risk distress like Ghana, reducing the debt burden and associated vulnerability is a priority so the authorities have to be very selective with regards to new non-concessional borrowing since that can escalate."

“The Government of Ghana must follow the habits of smart business people. Smart business people know that when they are in trouble, they "humble" themselves, they take the bitter pill, discipline themselves, cut cost and go to market with enthusiasm to sell their best products.”

He added: “Now that it is clear, known and admitted that we are in a tough economy and money is scarce, government must also become smart and act in our best interest. Government officials must humble themselves and drop projects and expenditure that do not fall in the "need" category.

“Most important, government must take a single-minded approach to supporting Ghanaian businesses with tax incentives, low cost money and the state's purchasing power. When Ghanaian businesses become big, profitable, they will employ more people, pay more tax to fund social infrastructure and bring the excitement needed to generate greater prosperity for the people.

“Politics of the extreme partisan nature, designed to benefit only a select few of the people will destroy anything homegrown. In many homes in Ghana you will find a combination of PPP, NDC, NPP, PNC, CPP, etc. Money does not wear political colours.”