Felix Kwakye Ofosu, the Spokesperson for President John Dramani Mahama and Minister-designate for Government Communications, has attributed Ghana’s current economic challenges to what he described as the reckless borrowing practices of the previous administration.
Speaking on TV3’s Key Points, Kwakye Ofosu criticized the lack of prudence in managing the nation’s debt under the Nana Akufo-Addo government. He stated, “The previous government was too happy to borrow but couldn’t pay,” highlighting the long-term repercussions of unchecked borrowing.
Unsustainable Debt Burden
He accused the previous administration of leaving the country saddled with unsustainable debt repayment obligations, which now strain the current government. “In the first two months of this year alone, we have to cover substantial payments, borrowing even to meet these obligations. If we default, it will spell disaster for the economy,” Kwakye Ofosu said.
The Minister-designate also criticized the institutions that facilitated these loans, alleging that they profited at the expense of Ghana’s economic stability.
Debt Servicing Crisis
Kwakye Ofosu revealed that debt servicing costs for the year will surpass most of the country’s budget, leaving little fiscal space for development projects. He called for a strategic approach to navigate the crisis and prevent further economic damage.
A Call for Collaboration
He concluded by emphasizing the need for skilled management and collective effort to address the economic challenges. “Our economy requires strategic measures to ensure survival. No single individual can shoulder the responsibility alone, and we need all hands on deck to turn this situation around,” he said.
The comments from Kwakye Ofosu reflect the Mahama administration’s focus on addressing the debt crisis while seeking collaborative solutions to restore economic stability.
