Know all Finance Minister, Economic Management team went on a borrowing spree with minimal investment – Mahama
Former President John Dramani Mahama has said that the governing New Patriotic Party (NPP) has failed to invest in infrastructure and capital despite borrowing huge sums of money in their time in power.
Speaking at the 7th CEO Summit, he stated that as a result not only has the unemployment rate increased with many youths struggling to get jobs but experienced and trained persons, who work in schools, hospitals and others, are forced to travel outside Ghana to seek greener pastures.
Mr Mahama said that “Unfortunately, the fact is that a know-all finance minister and a so-called solid economic management team went on a boring spree with minimal investment in capital and infrastructure. They burned through, in six years, domestic revenue and debt of almost GHS800 billion. “
“A sturdy but determined stream of young people and professionals embarking on mass migration out of the shores of our country is a symptom of an insidious mal governance disease afflicting our nation today. Our nation loses twice over when we lose some of our best human resource material, while at the same time the unemployed at home, remain unemployed and unskilled,” he said.
Mr Mahama noted that many experts have offered solutions to the government on how to invest in infrastructure, and help to solve, and reduce the unemployment menace the country faces while increasing productivity and service delivery.
However, Mr Mahama noted that the government failed to heed advice including early counsel of seeking an IMF bailout when the economy was failing.
“IMF or no IMF economic management team, led by our dear Vice President, has been nothing but a spectacular failure. The IMF has finally approved a $3 billion program for Ghana to address its current economic and financial crisis.
“This comes quite late in the day considering the human cost that the guard ration of lives of retirees who hold the government of Ghana bonds, the possible erosion of the savings of our middle class, loss of capital to do business and the deterioration of our local currency.”