Former President John Dramani Mahama is concerned that Ghana may return to the list of HIPCs, claiming that the country is on the edge of bankruptcy due to mismanagement by the NPP administration.
Despite having so many resources at its disposal, the former President claimed the NPP had failed to bring the country forward.
At the last count, they had access to about GH500 billion in revenue through taxes, grants, borrowing, and other sources. That has never happened to any government in our recent history.
Despite its good fortune, Ghana’s economy is now among the worst managed in the world. It is marked by unsustainable public debt as a result of an unprecedented fiscal deficit, comparatively high and still rising inflation, a rapidly depreciating currency, spiraling costs of doing business, ever-increasing costs of living, high levels of corruption, abuse of civil and human liberties, and a general loss of investor confidence. Simply put, our country is on the verge of collapse, “he continued.
He also criticized the administration for the current economic situation, claiming that it had failed to follow through on its vow to minimize borrowing and employ domestic resources.
“We still have money, but we’re starving.” (Y3 te sika so, nso 3kom di y3n”), the former President echoed opposition candidate Akufo-statements. Addo’s
This government has grown our public debt to about GH 380 billion as of the end of the first quarter of 2022, despite a stated vow to curb borrowing. From the days of Osagyefo Dr. Kwame Nkrumah until January 2017, this is more than three times the debt of all governments. “
“Our debt service requirement every year has soared by 500 percent, from GH10 billion in 2016 to almost GH50 billion currently, as a direct result of this stratospheric borrowing.” Unless something drastic is done, we are on the verge of defaulting on our loan repayments.
He claimed that citizens are facing terrible circumstances, despite President Akufo-Promises Addo’s when he ran for office.
On the theme of “Ghana At A Crossroads,” he spoke at the Kempinski Hotel on Monday, May 2, 2022. He noted that the President vowed to turn Ghana around in his first year and a half, which gave them hope since they wanted better socio-economic conditions.
The NPP government took power in January 2017 on the back of tantalizing promises of a near-immediate transformation of our country, accompanied by a barrage of slogans. If elected, President Akufo-Addo promised to reform Ghana in eighteen (18) months. Yes, he vowed to turn Ghana’s fortunes around in 18 months, creating opportunities for everyone and taking care of everyone.
An examination of our existing circumstances reveals that what is taking place currently bears little or no similarity to what was promised. There is a significant gap between what is said and what is actually done. The majority of Ghanaians believe they have been duped, and this is reflected in their daily lives and problems.
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