Our ballooning, unsustainable debt level topping 80% of GDP – Mahama
Ghana’s debt level is unsustainable and the cause of the current hardship that ordinary citizens are suffering, former President Jon Mahama has said.
“Our debt has ballooned to unsustainable levels – topping 80% of GDP – exposing us to very high risk of debt default“, the 2020 flag bearer of the main opposition National Democratic Congress wrote on Facebook.
He said, “almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes“.
“This has led to rampant increments in the prices of goods and services“, Mr Mahama added.
In his view, “this is primarily responsible for the hardships Ghanaians are going through now“.
“This government must accept that it is their mismanagement of the economy, their thirst for consumption expenditure and the desire to spend beyond our means in order to win elections, that have plunged us into the current crisis, not necessarily COVID-19“.
Source: classfmonline.com
Trending News
Service conditions: You have till May, 31 – CETAG tells gov’t
10:27Labour threatens strike over unpaid pensions
08:18Mahama coming back because Akufo-Addo has failed – Ayariga
14:10Bawumia visits Vatican to strengthen diplomatic ties
17:556,000 Alan butterflies fly back home to elephant family
16:24Police arrests trucker for Tema-Mpakadan rail accident
08:12Akatakyie AX group celebrates 72nd anniversary of Opoku Ware School with project
10:32'If you owe even a pesewa, we'll disconnect you' – Angry ECG workers warn Ashanti regional minister
13:43Surrender Ghana to the Lord – Alan to Akufo-Addo gov't
13:42Petrol bomb attack on CMG shocking; we’ve not seen this type before’ – GIBA
10:00