Richard Acheampong, the Member of Parliament for Bia East in the Western North Region, has said that the vice president, Dr. Mahamudu Bawumia has stopped discussions about the economy after playing part in Ghana’s economic hardship.
He claimed that because there was now nothing positive to say about Ghana’s economy, the vice president decided to pursue digitalisation rather than sticking to his area of expertise in economics.
Ghana has been banned from the international bond market for the first time in its history due to astronomical debt levels.
“We lack access to the global bond market. Investors won’t touch our bonds when we go out to borrow, to put it mildly and simply. In fact, this administration attempted to raise what they refer to as 'sovereign and agreeing bonds' on the international bond market in October, but they were not touched with a long pole and the investors’ quotas had such high coupon rates that there was no way we could have settled it”, Richard Acheampong told Martin Ahwireng on Adwenekasa on Accra-based Original FM 91.9.
According to Richard Acheampong, the lack of foreign investor trust in the Ghanaian economy is the reason why the government lacks access to the global bond market.
“They have looked at our numbers and they have seen that if they lend us money, we are not in a position to pay and we will default, so they don’t want to have anything to do with us,” he stated.
According to him, the current state of affairs will last until June 2022, and if the economy of the nation does not improve, investors will sell their bonds in a way that will devalue the cedi.
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