John Dramani Mahama, the former president of Ghana, has noted that the country’s economy has lurched from crisis to crisis.
The former president claimed in a Facebook post that the crisis had eventually led to the most miserable living circumstances in several decades.
He continued by saying that our currency, the Ghana Cedi, has lost approximately 62% of its value against the US dollar in just ten months.
“In the last few years, our economy has lurched from crisis to crisis, ultimately resulting in the most debilitating living conditions in several decades. Within a space of ten months, our currency, the Ghana Cedi, has depreciated by over 62% against the US dollar, which is the highest in recent memory,” the formal president of Ghana posted on Facebook.
This proclamation follows an address to the country by former president John Dramani Mahama on October 27, 2022.
In the sad address, Mahama discussed the present economic woes sweeping the nation, rising inflation rates, and the depreciation of the cedi while speaking at the UPSA Auditorium.
To that effect, Mr. Mahama encouraged the administration to reduce spending by lowering the number of ministers and appointments.
Furthermore, he also suggested that the government halt non-essential initiatives and dissolve or restructure governmental agencies with comparable roles.
The NDC 2020 candidate added that Ken Ofori-Atta’s exit from office won’t have an impact on the ongoing talks between Ghana and the IMF thereby welcoming calls for his resignation.
He stated as follows:
Our public debt is projected to hover around GH¢ 522 billion by the close of this year, with a corresponding debt-to-GDP ratio of above100%. The debt service obligation arising from this is monstrous and, is making it impossible to finance almost all critical sectors of the economy.”
“The wage bill has gone up due to unbridled recruitment into all sectors of the public service resulting from a poor capacity of the private sector to mop up the teeming youth graduating from all levels of our educational system.”
“Worse still, Ghana has been classified as the country with the highest likelihood of debt default, which reflects the multiple downgrades by the international credit agencies. As it stands, we remain firmly shut out of the international bond market,” extracts from Mahama’s address revealed.