Past President John Dramani Mahama has instructed his successor, President Nana Addo Dankwa Akufo-Addo to fire Finance Minister, Ken Ofori-Atta, over the economic breakdown in the country.
Submitting an address on the state of the Ghanaian economy at the inaugural takeoff of Think Progress Ghana, Mr. Mahama painted a sad picture of the economy.
Mahama said the general debt has surpassed GHS400 billion, if debts on the books of some SPVs and statutory funds, which this government strives to eliminate, are considered.
This, Mr. Mahama reported translates into a debt to GDP ratio of over 80%, well beyond the red line of 70% at which lower-middle-income countries are declared as debt distressed.
He said numerous transnational financial institutions renew to rank Ghana among countries that are inclined to end up like Sri Lanka and default on their debt reimbursement.
“We however have the poorest credit ratings in the over 20-year rating history of this country while we persist truly shut out of the global capital market,” he lamented.
Giving explanations to Ghana’s economic challenges, Mr. Mahama said President Akufo-Addo must make the large and very crucial call and begin the process to restructure the country’s debt before Ghana becomes like Sri Lanka, which has sunk into unimaginable economic and social problems.
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 assist the President well to use some devices from the Presidential tool kit in times of problem such as this. Fire your finance minister, perform a main shake-up of Government to remove the many dead kinds of wood that have turned ministries into their fiefdoms, and finally huddle with the best brains this country must develop a thorough recovery plan for our economy,” the former President advised.
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