Fire Ofori-Atta and stop borrowing – Mahama to Akufo-Addo

In light of the nation’s economic collapse, former President John Dramani Mahama has advised his successor, President Nana Addo Dankwa Akufo-Addo, to fire Finance Minister Ken Ofori-Atta.

At the official launch of Think Progress Ghana in Accra today, Thursday, 30 June 2022, Mr. Mahama gave a speech on the state of the Ghanaian economy and painted a bleak picture of the situation.

Fire Ofori-Atta and stop borrowing – Mahama to Akufo-Addo

If debts on the books of some SPVs and statutory funds, which this government seeks to exclude, are taken into account, he claimed the public debt has surpassed GHS400 billion.

This, according to Mr. Mahama, translates into a debt to GDP ratio of over 80%, which is significantly higher than the red line of 70% at which lower-middle-income countries are deemed to be in debt distress.

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He claimed that numerous international financial organizations continue to list Ghana among the nations that are most likely to follow Sri Lanka’s example and stop repaying their debt.

“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,” he added.

“Meanwhile it will serve the President well to use some instruments from the Presidential tool kit in times of crisis such as this. Fire your finance minister, conduct a major shake-up of Government to remove the many dead woods that have turned ministries into their fiefdoms and finally huddle with the best brains this country must formulate a comprehensive recovery plan for our economy,” the former President counselled.

Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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