Former President, John Dramani Mahama has said Ghana is on the verge of bankruptcy due to the economic mismanagement of President Nana Addo Dankwa Akufo-Addo and his government.
The 2020 presidential candidate of the National Democratic Congress (NDC) made this statement while speaking on the theme ‘Ghana at a Crossroads’ on Monday, May 2, 2022.
In his address, John Dramani Mahama said although President Akufo-Addo’s government has been fortunate to have a lot of resources at its disposal, it has failed to put it to good use.
He said the government’s mismanagement of resources has now put Ghana in the same rank as the worst management countries in the world.
According to Mr. Mahama, the long and short story of the handling of the country by President Akufo-Addo is that he is leading the country to bankruptcy.
“This government contests even the most basics and glaring sets of facts. This should never have been the cause where a government that has been fortunate to reactive far more resources in the last five years than almost all governments before them under the fourth republic put together.
“Despite this fortunate, today the Ghanaian economy ranks amongst the worst managed in the world. It is characterized by unsustainable public debt due to an unprecedented fiscal deficit, comparatively high and still rising inflation, a rapidly depreciating currency, ever-rising cost 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 bankruptcy,” John Dramani Mahama said in his address.
Reports suggest that Ghana’s public debt stock at the end of the first quarter of 2022 has increased to close to GHS380 billion.
There are fears that Ghana risk defaulting on her debt repayment if things do not change for the better.