The Minority spokesperson on Finance, Cassiel Ato Forson, has taken on government as it works to restructure the country’s debt.
The Ajumako-Essiam Member of Parliament (MP) has described the move as Mickey Mouse, stating it will hurt Ghanaians in the long run.
“Mr President, please beware that, a Mickey Mouse form of debt restructuring will hurt Ghana big time. Your debt restructuring must not target domestic creditors. It will destroy us,” he said at an event dubbed Building Ghana We Want.”
For the first time in the history of Ghana, a debt restructuring programme is likely to take place because of the unsustainable level of the country’s debt, threatening the outlook of its economy.
This has become imminent in order to lessen the negative impact of the huge debt on the country’s economic fundamentals, particularly the real sector of the economy, inflation, exchange rate and money supply.
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At the moment, Ghana is seeking $3 billion in support from the International Monetary Fund (IMF).
But to the former Deputy Finance Minister said Ghana is in a deep mess because the managers of the economy failed to act.
“For them, everything is about the next elections, they never accept responsibility. They always say, ‘it wasn’t me, it was the guy behind the tree.’ They live on another planet and don’t appreciate what the IMF will require from them, let alone start the action. The ineptitude is unbelievable,” he stated.
Dr Forson has expressed optimism Ghana will require a debt relief of around GH¢200 billion to make Ghana’s current debt sustainable.
He stressed the economy is suffering from “Sovereign Insolvency Stress and Stagflation, Coupled with Acute Debt Overhang Syndrome.”