Overspending just to hold on to power reason for hardships – Mahama tells Gov’t

Former President Mahama says the Akufo-Addo-led government has been the luckiest government under the fourth republic yet it has been incompetent in holding up the economy from collapsing.

Speaking at the State of the Economy Forum organized by the NDC professionals on Monday, 6 September 2021,Mr Mahama said it’s only convenient for the NPP government to blame the current economic crisis on Covid-19.

“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,” the former leader said.

According to him, the massive resources bequeathed to the NPP government have been dissipated with no tangible infrastructural development for Ghanaians.

“They have benefitted from 60% of all the oil revenue accruing to Ghana since we began producing oil, they have had more than twice the total tax revenue available to us and have enjoyed unprecedented support from our development partners.

“Within a space of 12 months, they have received up to GHS11 billion from the IMF alone and over $200 million from the World Bank and other donors. They had access to over $200 million from the Stabilization Fund we set up and got Central Bank Financing of GHS10 billion whereas we had zero financing from the Central bank in 2016 despite all our challenges.

“They have also increased our debt by almost twice the total amount of all previous governments put together. All of this notwithstanding, they have the least to show in terms of tangible gains or capital investments.”


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