Akufo-Addo Cannot Account For Ghc 500billion Left To It …Mahama

The Akufo-Addo government inherited over Ghc500billion that accrued to it from taxes, grants and loans and other sources, however, all of that money is gone with the wind, says ex-President John Dramani Mahama.

“At the last reckoning, over GH¢ 500 billion had been available to them (government) through taxes, grants, borrowing, and other sources of revenue. No government in our recent history has been that fortunate,” says Mahama who was speaking at an opposition NDC programme dubbed, Ghana At the crossroads.”

“Despite this fortune, today, the Ghanaian economy ranks among the worst managed in the world. It is characterized by unsustainable public debt due to an unprecedented fiscal deficit, comparatively high and still rising inflation, a rapidly depreciating currency, spiraling cost of doing business, the ever-rising cost of living, high levels of corruption, abuse of civil and human liberties, and a general loss of investor confidence. Simply put, our country is on the verge of bankruptcy,” he said.

He points out that the Akufo-Addo government has borrowed a whopping Ghc380 billion, more than all the loans contracted from the first government of Osagyefo Dr. Kwame Nkrumah.

“In spite of the firm promise to reduce borrowing, this government has increased our public debt to almost GHC 380 billion as of the end of the first quarter of 2022. This is more than three times the debt of all governments since the days of Osagyefo Dr. Kwame Nkrumah up to January 2017,” he said.

The former president added that due to the huge borrowing by the NPP government in the last five years Ghana’s debt has increased by more than 500 percent.

He lamented that despite the huge borrowing the government has next to nothing to show for it.