Former President John Dramani Mahama has expressed disappointment over how the Akufo-Addo-led NPP administration is mismanaging the economy.
According to him, Ghana’s “debt has ballooned to unsustainable levels- topping 80% of GDP- exposing us to very high risk of debt default.
According to him, “almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes.”
Mr. Mahama noted that “this has led to rampant increments in the prices of goods and services.”
He believes that Ghana’s unsustainable high level debts which has led into a situation where almost all taxes collected are used to service these debts, coupled with the addition of new taxes, “is primarily responsible for the hardships Ghanaians are going through now.”
The Former President further urged government to 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 the nation into the current crisis, not necessarily COVID-19.