Former President John Dramani Mahama has said that Ghana’s current debt situation is exposing the country to very high risk of debt default.
He indicated that the debt has ballooned to unsustainable levels- topping 80% of Gross Domestic Product (GDP) owing to the mismanagement of the economy by the government.
Our debt has ballooned to unsustainable levels- topping 80% of GDP- exposing us to very high risk of debt default. Almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes.
This has led to rampant increments in the prices of goods and services. This is primarily responsible for the hardships Ghanaians are going through now.
“This government must accept that it is their mismanagement of the economy, their thirst for consumption expenditure and the desire to spend beyond our means in order to win elections that have plunged us into the current crisis, not necessarily COVID-19.”
Our debt has ballooned to unsustainable levels- topping 80% of GDP- exposing us to very high risk of debt default. Almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes.
— John Dramani Mahama (@JDMahama) September 18, 2021
1/3
This has led to rampant increments in the prices of goods and services. This is primarily responsible for the hardships Ghanaians are going through now.
— John Dramani Mahama (@JDMahama) September 18, 2021
2/3
This government must accept that it is their mismanagement of the economy, their thirst for consumption expenditure and the desire to spend beyond our means in order to win elections that have plunged us into the current crisis, not necessarily COVID-19.
— John Dramani Mahama (@JDMahama) September 18, 2021
3/3
