Excessive borrowing at the heart of our economic mess – John Mahama

Former President John Dramani Mahama has said the Akufo-Addo government is now on a taxation spree after promising to move the country from taxation to production.

The president recently assented to three newly passed tax bills passed by parliament on Friday, 31 March 2023.

The Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022; the Ghana Revenue Authority Bill 2022 and the Income Tax Amendment Bill 2022 are meant to rake in GHS4 billion for the country annually.

Their passage was critical to getting the IMF board's approval to access the Fund's US$3 billion extended credit facility to bailout the economy.

Speaking to delegates in the Trobu constituency, as part of his tour in the Greater Accra Region, the former president said taxation has become commonplace for this government which promised to produce more and tax less.

“Prices at the various supermarkets have skyrocketed; the government has reneged on its promise of moving away from taxation to production, to the extent that even betting is taxed", the former president observed.

"Almost everything is taxed now,” he bemoaned.

He blamed the economic crisis on the Akufo-Addo government's voracious appetite for borrowing.

“The country wouldn’t have been in this economic mess if the government had not engaged in excessive borrowing.

"We are now seeking for debt forgiveness from external creditors,” Mr Mahama said.