Ghana is bankrupt – John Mahama

Former President John Dramani Mahama says Ghana will for the first time, celebrate its independence anniversary under the worst economic situation.

He lamented that the country is bankrupt and unable to pay its domestic and external debt due to the incompetence and mismanagement of President Akufo-Addo and his team.

“In a little under six weeks from today, Ghana will mark sixty-six (66) years of nationhood. Far from being an occasion to celebrate independence and the successes and achievements of nationhood, we will mark this day under the yoke of the worst economic situation in decades.

“We are currently bankrupt and burdened with national debt we are simply not able to pay. You may have learnt over the past few weeks that the Ghanaian government has defaulted on servicing both external and domestic debt.

“There is currently a huge uproar over a controversial debt restructuring programme under which the middle class of Ghana could be wiped out if plans to have them forfeit proceeds of government bonds on which they rely for investment and sustenance are followed through.

“In absolute terms, up to about six (6) million people could be deprived of their life savings and investments. Ghana’s banking and financial sector could also be under threat of insolvency if no suitable adjustments are made to the debt restructuring plans.,” the former President said while speaking at Chatham House in London on the theme, “Africa’s Strategic Priorities and Global Role”,