Accra, Ghana – The President of the Republic of Ghana, H.E. John Dramani Mahama, has emphasized that Ghana’s current financial struggles are the result of years of fiscal mismanagement, irresponsible borrowing, and reckless government spending.
According to President Mahama, weak leadership and a failure to address deep-seated economic issues have further worsened the country’s financial situation.
Speaking at the launch of the National Economic Dialogue at the Accra International Conference Center (AICC), he outlined the factors that have contributed to Ghana’s economic downturn.
“Our nation’s financial struggles have not arisen overnight; they have resulted from several years of fiscal mismanagement, irresponsible borrowing, reckless spending, and weak leadership that failed to address the underlying structural issues within our economy.”
Ghana’s Debt Default and Economic Consequences
President Mahama highlighted that the country’s poor financial management ultimately led to a historic debt default, which triggered widespread economic hardships.
“This pervasive mismanagement culminated in Ghana’s default on its debt obligations. This marked a devastating milestone for our country, spawning a cascade of economic problems that have severely impacted our people.”
He further stressed how massive fiscal deficits and excessive government spending have significantly weakened the nation’s economic stability.
“Massive fiscal deficits, excessive government spending, and overall financial recklessness have undermined our economic resilience.”
Downgraded Credit Ratings and Declining Investor Confidence
Expressing concern over Ghana’s declining international credit ratings, President Mahama noted how the country’s economic mismanagement has led to a loss of investor confidence.
“Reputable rating agencies like Moody’s, Fitch, and S&P have consistently downgraded our international credit ratings, resulting in capital flight and a decline in investor trust.”
Bank of Ghana’s Role in the Crisis
President Mahama also criticized the Bank of Ghana for failing to act as an independent monetary authority, instead becoming a financial tool for excessive government spending—which further fueled inflation and currency depreciation.
“Instead of being an independent monetary authority, the Bank of Ghana became a financing tool for government excesses, fueling inflation and devaluing our currency.”
The National Economic Dialogue aims to address these critical issues, bringing together key stakeholders to develop sustainable solutions for economic recovery and restoring financial stability in Ghana.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites
) / Ahotoronline.com | Ghana 
