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Former President Mahama calls for urgent intervention to avert collapse of Ghana’s economy

Former President Mahama

By Hannah Dadzie

Former President, John Dramani Mahama, has called for urgent intervention to avert a total collapse of Ghana’s economy. He said there is no dispute that the economy is in a deep crisis. This is due to the huge budget deficit, unsustainable public debt, rising inflation, rapidly depreciating currency, ever rising cost of living and loss of confidence by both domestic and international investor communities. In a statement, Mr. Mahama lamented the severe effects of the economy on Ghanaians. These he said have taken a toll on Ghanaians, especially those within vulnerable groups.

The statement said President Akufo-Addo and the Head of the Economic Management Team have remained nonchalant in the face of this serious crisis and have limited their response to the imposition of harsh and regressive tax measures, one of which is the E-Levy, which has been rejected by most Ghanaians. 

Mr Mahama said, ”it is obvious that beyond the ill-conceived E- Levy, the Akufo-Addo administration has no viable or credible plan of action to get the country out of the current economic despair into which they have plunged the country”. He said there can be collective buy-ins from the Ghanaians, development partners and the investor community that are being ignored. 

Mr. Mahama questioned why the country does not have Post-Covid19 Economic Recovery Plan that would lay down a firm blueprint for fiscal consolidation in the face of a worsening economic situation.

He blamed the extravagance and the reckless election related expenditure in 2020 for undermining all the progress that had been made. 

”It is a pity that the NPP’s entire economic plan hinges on the passage of the E-levy expected to raise a little over six billion Ghana cedis”, he noted.

The Former President asked the government to swallow what is left of its pride and create a platform for urgent and constructive dialogue among stakeholders, with the view to fashioning out a robust set of policy responses to the economic challenges, ”before the country gets to the point of no return”.

He said the NDC stands prepared to aid in the salvage effort, ”because inaction is not an option in the face of disaster”, according to John Mahama.

Reaad More: Former President, John Dramani Maham

One Response

  1. Mr Mahama,

    Journalists, press these thieves as to what he can do differently and what he inherited and left behind including accounting for the stealing.

    What does he know?
    Rawlings? What did they do?

    Press these people on what the indicators are.

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