Ghanaian banking consultant Dr. Richmond Atuahene has called for urgent constitutional reforms to impose strict limits on government borrowing, describing the current economic situation as “disappointing” and warning of long-term consequences if action is not taken.
Speaking at the ongoing constitutional review stakeholders’ dialogue, Dr. Atuahene proposed an amendment to the Constitution to prevent any sitting government from borrowing more than 50% of the country’s Gross Domestic Product (GDP).
He warned that unchecked borrowing has led Ghana into a deepening debt crisis.
He pointed out that Ghana is the first African country to structure people’s savings and destroy them, citing the country’s rising debt as a result of excessive borrowing. Reflecting on his earlier warnings about Ghana’s debt, he lamented, “Today, we are not even paying through our noses, we are using our blood to pay.”
Dr. Atuahene argued for a constitutional ceiling on borrowing, claiming it would prevent politicians from making empty promises and incurring excessive debt to fulfill them.
He also raised concerns about political interference in the governance of the Bank of Ghana, particularly regarding the tenure and independence of central bank governors. He called for legal safeguards to prevent arbitrary dismissals by political leaders, referring to instances where governors have been removed without just cause.
Using Nigeria as a cautionary example, he cited the fate of the former Central Bank of Nigeria governor, who has been under house arrest since President Buhari’s departure.
“Let us reframe our constitution in such a way that people cannot take Ghana for a joke,” he added.