By: Kekeli K. Blamey
Former President John Dramani Mahama has labeled the current economic crisis in Ghana as the worst in the nation’s history, claiming that “everything is declining under this government.” Speaking in Zebilla to the chiefs and people of the Zebilla constituency, Mahama, the National Democratic Congress (NDC) 2024 election Flagbearer, emphasized the need for an urgent reset requiring experienced leadership.
Mahama acknowledged that his administration was not perfect but asserted that progress was being made. He lamented that the current crisis is unparalleled, affecting not just the economy but almost all institutions, impacting the most vulnerable.
He attributed the crisis to excessive borrowing and economic mismanagement, which has ballooned Ghana’s debt from GH₵120 billion in 2017 to GH₵750 billion in 2024, necessitating domestic debt restructuring and external support from the International Monetary Fund (IMF).
“For the first time in our history, we have overborrowed to the extent that we declared to the entire world that we are bankrupt,” Mahama said. He refuted claims that the economic woes were solely due to COVID-19 and the Russia-Ukraine war, pointing out that the government received GH₵22 billion from the IMF, World Bank, and Stabilization Fund during COVID-19 but mismanaged these funds.
Mahama criticized the administration for mismanaging key industries that bring in foreign exchange, citing a decline in cocoa production and oil and gas output. He accused the government of “state capture,” benefiting only a few while damaging every sector of the economy.
He proposed the NDC’s 24-hour economic policy as a solution to revive the economy and create jobs for the youth, urging Ghanaians to vote for change. “Eighty percent of Ghanaians say Ghana is going in the wrong direction. The time has come to change course and send NPP packing. It is time for an experienced, safe pair of hands to take over the country and turn our fortunes around,” he concluded.
