There is no dispute that Ghana’s economy is in deep crisis – Mahama

 Former President John Dramani Mahama   Tax Former President John Dramani Mahama

Mon, 7 Feb 2022 Source: www.ghanaweb.com

Mahama speaks on current state of Ghana’s economy

Mahama accuses Akufo-Addo's government of running down the economy

NDC ready to aid in efforts to salvage Ghana’s economy, Mahama

Former President, John Dramani Mahama, has stated that time is fast ticking on the Akufo-Addo led government to salvage what he describes as Ghana’s economy having been plunged into economic crisis.

In a release dated Monday, January 7, 2022, Mr Mahama noted the markings of the economic crisis to be “huge budget deficits, an unsustainable public debt, rising inflation, a rapidly depreciating currency, ever-rising cost of living and a loss of confidence by both domestic and international investor communities.”

He emphasized that the effects of the situation on the Ghanaian populace especially persons within the vulnerable group is severe hardship which requires urgent intervention to avert a total collapse of the Ghanaian economy.

While diagnosing the current state of the economy, former President Mahama accused President Nana Addo Dankwa Akufo-Addo of being nonchalant “in the face of this serious crisis and have limited their response to the imposition of very harsh and regressive tax measures, one of which is the E-Levy, which has been roundly rejected by the people of Ghana.”

“Like one drowning and yet clutching at mere straw to stay afloat, this government has banked all its hopes on the E-Levy, which, given the gravity and depth of the problems that have beset our economy, is neither adequate nor viable as a sustainable response to the crisis.

“In the face of this serious crisis, government has also resorted to unhelpful political posturing over suggestions on how to stem the downward spiral, ensure discipline and help the economy to recover,” Mr Mahama added.

Further accusing the current government of being bereft of ideas in saving the situation, Mr Mahama who left power in January 2017 averred that there exist solutions in the collective support and ideas of the Ghanaian population, development partners and the investor community – all of which the state are being ignored by the government.

While referencing measures taken during Ghana’s economic distress under his presidency of 2012 and 2016, which saw the nation run to the International Monetary Fund for policy and monetary assistance, Mr Mahama said the current government must as well tap into the expertise and brains of knowledgeable people to save the economy.

“The knowledge shared at Senchi crystallized into our Homegrown Fiscal Consolidation Programme, which we eventually presented to the IMF for support. The IMF agreed entirely with our homegrown strategy whose implementation restored stability to the economy and laid the strong foundations that this government, just as the World Bank in 2016 forecasted, profited from between 2017 and 2020.”

In final advice, the former President said “the government must swallow what is left of its pride and create a platform for urgent and constructive dialogue among stakeholders with the view to fashioning out a robust set of policy responses to the economic challenges before we get to the point of no return.”

He indicated that his opposition National Democratic Congress as a party stands “prepared to aid in the salvage effort because inaction is not an option in the face of disaster. The clock is ticking very fast and the time to act is now.”

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Source: www.ghanaweb.com
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