Former Board Chairman of the Ghana Revenue Authority, Professor Stephen Adei, lamented the state of the country’s economy at the moment.
He claimed that the Nana Addo Dankwa Akufo-Addo administration is to blame for the current financial challenges facing Ghanaians.
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Professor Stephen Adei claimed that excessive borrowing made the economic crisis worse while speaking to journalists on the sidelines of the Kwame Nkrumah University of Science and Technology’s Signature Market Pre-launch campaign in Kumasi.
“I think the biggest mistake they made is that they borrowed beyond our capacity to service it.
“If you are a country and you borrow beyond your capacity, you will be in trouble, of course, COVID-19 came in, and the Russia-Ukraine [war, too].
“But the reason why things got worse is because of these underlying mistakes they made and they must admit it”, Prof Adei explained.
He added: “If not, they won’t be going to IMF.
“If you are a government and you go broke you re-negotiate with your debtors. I think the debt restructuring will go through”.
“We have to learn and not repeat our mistakes by going on a borrowing spree”, he advised, noting: “We should become watchdogs”.
“The leakages should be reduced, the level of corruption, the wastage from the government after government is high, so, we don’t get value for money,” he stated.
In related news, Ghana’s Minister of Finance, Ken Ofori-Atta, has traveled to China to hold discussions about the nation’s debt restructuring.
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Several sources claim that the Minister made a weekend trip to Addis Abeba to attend the UNECA High-Level Ministers Meeting on Global Financial Architecture.
After that meeting, possibly on March 22, 2023, Mr. Ofori-Atta is expected to visit China. The Minister who is leading the government delegation is anticipated to pursue bilateral discussions with China in addition to requesting financial guarantees for Ghana’s program with the International Monetary Fund.
