Former President John Dramani Mahama says the current economic challenges Ghana is facing is largely attributable to the mismanagement of the economy by the Nana Addo Dankwa Akufo-Addo led-administration.
According to him, the COVID-19 pandemic has little to do with the current economic crisis that Ghanaians are facing.
He stated that huge borrowing, reckless spending among others gave the economy a negative outlook even before the pandemic struck.
The current economic difficulty has resulted in a number of challenges, including rising inflation and the rising cost of fuel.
The cedi is also suffering increasing depreciation, especially against the US dollar, while the public debt level has attained an unsustainable level.
But reacting to this at the African Business Conference at the Harvard Business School in the United States of America, John Dramani Mahama said the government went into the COVID-19 fight without a buffer.
“The pandemic has generally affected the economies of African nations, but some countries have sailed through more successfully than others due to the resilience of their economies, discipline and prudent use of their resources,” he noted.
Ways of reviving the economy
The Finance Minister, Ken Ofori-Atta at a press conference in Accra last Thursday explained that “the war in Ukraine could not have come at a worse time for the global economy.”
Ofori-Atta also underscored the devastation wreaked by the Coronavirus pandemic on the country’s economy.
Touching on ways to revive the economy the minister highlighted twelve points for cutting down public expenditure including a moratorium on the purchase of imported vehicles and foreign travels by public officials.
He also indicated plans to generate more revenue including impressing on Parliament to pass the E-levy.
Ofori-Atta also indicated plans to inject $2 billion into the economy in the next 2 to 6 weeks.
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