Ghana’s economy now junk; investors are no longer interested – Sammy Gyamfi

The National Communications officer of the National Democratic Congress (NDC), Sammy Gyamfi has indicated that investors are no longer interested in coming to Ghana because the country’s economy is now junk.

According to him, Ghana’s economy has deteriorated under President Akufo-Addo's administration to the extent that government cannot even go and issue Eurobonds on the capital market.

“An economy which has a debt to GDP ratio of 56% was a bad economy. But what you have today where the debt to GDP is 83% is a good economy. Even when we joined the HIPC program some time in 2001-2 our debt to GDP was not as high as it is today. The debt to GDP was in the 70 percent, we have not close the HIPC mark,” Sammy Gyamfi said in an interview with GHONE TV on Tuesday, March 22, 2022.

The NDC Communicator continued, “Since when in the history of this country have you seen Fitch downgrading Ghana with B-. It never happened not even when we were in HIPC. We cannot even go and issue Eurobonds on the capital market. Nobody is interested in our junk economy and this is an economy you want us to celebrate.”

While the government admits that the economy is not in the best state, it has constantly stressed that it is not its fault.

Following the retreat by cabinet led by President Akufo-Addo last weekend, the government has given the assurance that it is set to implement far-reaching measures to address all the economic challenges in order to mitigate the hardships on the citizenry.