Ghana’s economy moving from crisis to crisis – John Mahama

Former President John Dramani Mahama has observed that Ghana’s economy has lurched from crisis to crisis.

In a Facebook post, the former President said the crisis has ultimately resulted in the most debilitating living conditions in several decades.

He added that within a space of ten months, our currency, the Ghana Cedi, has depreciated by over 62% against the US dollar.

“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,” Mahama posted on Facebook today 4th November 2022.

This statement comes after the Former President John Dramani Mahama on Thursday, October 27, 2022, addressed the nation.

Speaking at the UPSA Auditorium, Mahama touched on the current economic hardships sweeping across the land, high inflation rates and the depreciation of the cedi.

Mr. Mahama urged government to cut down on expenditure by reducing the number of appointees and ministers.

He also advised government to abolish or realign state institutions with similar functions while suspending non-essential projects.

The 2020 flagbearer of the NDC also backed calls for the dismissal of the Finance Minister, Ken Ofori-Atta from office; adding that his removal will not affect the ongoing negotiations between Ghana and the IMF.

“Our public debt is projected to hover around GH¢ 522 billion by 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,” excerpts of Mahama’s speech said.