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Take steps to restructure our debt to avoid turning Ghana into Sri Lanka — Mahama to Akufo-Addo

By Eric Nana Yaw Kwafo
Headlines Take steps to restructure our debt to avoid turning Ghana into Sri Lanka — Mahama to Akufo-Addo
JUL 1, 2022 LISTEN

Former President, John Dramani Mahama has charged President Nana Addo Dankwa Akufo-Addo's government to take bold steps to restructure the country’s debt to avoid turning Ghana into Sri Lanka.

The South Asian country after going through troubling times has finally collapsed with unprecedented debt levels which have resulted in the collapse of the economy with inflation currently reportedly above 50%.

Lamenting the current economic challenges facing Ghana, John Dramani Mahama says President Akufo-Addo and his government must take a cue from Sri Lanka and immediately cease the excessive borrowing and restructure the country’s debt.

“Debt restructuring has therefore become unavoidable if we are to ever overcome the present economic problems.

“The President must make the big and very important call and begin the process to restructure our debt before we become like Sri Lanka, which has sunk into unimaginable economic and social crises,” former President John Dramani Mahama said at the inaugural launch of Think Progress Ghana on Thursday, June 30, 2022.

The 2020 presidential candidate continued, “Even more importantly the unbridled and unsustainable borrowing must stop. We can no longer afford to dither and fiddle while our economy heads for the precipice. The consequence of that will be too grave to comprehend.”

According to John Dramani Mahama, the government must also consider a return to IMF and make it a point to prioritise fiscal discipline.

Eric Nana Yaw Kwafo
Eric Nana Yaw Kwafo

Journalist

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