Former President John Dramani Mahama says, Ghana’s debt has ballooned to unsustainable levels, topping 80% of GDP thereby exposing us to very high risk of debt default.
According to the former President, almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes.
Mr. Mahama said, this has led to rampant increments in the prices of goods and services. 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.” He said.