Former President John Mahama has criticised the ruling New Patriotic Party (NPP) government for its mismanagement of the country’s economy, highlighting excessive borrowing as a key factor contributing to the nation’s financial challenges.
Speaking to a gathering of party supporters in Kasoa and Bawjiase in the Awutu-Senya East and West Constituencies of the Central Region, the flagbearer of the National Democratic Congress (NDC) expressed astonishment at the economic ineptitude of the New Patriotic Party (NPP).
He asserted that the current government’s economic mismanagement has led to widespread hardship and financial strain on the populace.
The former president noted that prices of essential commodities, such as kenkey—a traditional Ghanaian dish—cement, and fuel, have surged, a situation he attributed to the ruling government’s poor management of the exchange rate.
He highlighted that a unit of kenkey, which previously cost GH¢1.00 during the NDC administration, now costs GH¢5.00 under the NPP regime.
He also referenced the recent statements by Dr. Michael Agyekum Addo, CEO of Mikado [KAMA], who disclosed his financial struggles due to the government’s debt restructuring programme. Mr. Mahama remarked that Dr. Addo’s experience, along with his subsequent passing, symbolized the challenges faced by many Ghanaians under the current administration.
“Previously, the man had spoken out about the debt exchange programme, which became necessary only due to the government’s reckless borrowing,” Mr. Mahama stated. “He said his life savings were affected by it, and he was crying on TV about his hardship. Just last week, he passed away.”
On borrowing, he claimed the government had borrowed approximately $11.5 billion of the total Eurobond debt, contributing to the current economic crisis and hardship for individuals and businesses.
“The NPP has managed to destroy the national economy, in part through over-borrowing,” Mr. Mahama said. “We realized this was possible because there is no transparency in our debt management regime.”
Additionally, he reiterated his ‘24-hour economy’ initiative as a transformative policy aimed at enhancing the nation’s economic prospects.
“The concept of a 24-hour economy is a pivotal strategy to drive substantial economic growth, boost productivity, meet market demands, reduce excessive imports and their impact on our economy and currency, and most importantly, create employment opportunities for many of our unemployed citizens.
“I am heartened by the overwhelmingly positive responses we are receiving from various sectors, including organized labor, academia, business, and industry,” he remarked.
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