Professor Stephen Adei, a former board chair of the Ghana Revenue Authority (GRA), has accused the Akufo-Addo-led administration of engaging in excessive borrowing, which he claims is the root of the nation’s economic crisis.
The well-known economist claims that although the emergence of COVID-19 and the Russian-Ukrainian war may have had an impact on Ghana’s economy, the basic error government made was borrowing more than it could afford.
He is urging the administration to take accountability and seek to turn around the nation’s fortunes.
On the sidelines of the Signature Market Pre-launch campaign at the Kwame Nkrumah University of Science and Technology, Kumasi, Professor Adei spoke to the media.
The largest error, in my opinion, was that they borrowed more than we could afford to service.
Naturally, COVID-19 and the Russia-Ukraine [conflict] came into play when a country borrows more than it can afford to pay back.
Yet they must acknowledge that these fundamental errors they committed are what caused the situation to worsen.
If not, they won’t be turning to the IMF; if a government goes bankrupt, it renegotiates its debts with its creditors.
I believe the debt restructuring will succeed.
Professor Adei further urges Ghanaians to severely hold elected politicians responsible in order to avoid a situation like this in the future.
“We must learn from our experiences and refrain from making them again by going on a borrowing binge.
The amount of corruption, waste, and leaks should be decreased because they prevent us from getting value for our money, according to him.
In order to lower graduate unemployment, he also urged students to start their own businesses while still in school.
“Try to build your own businesses by starting small; the sooner you do so, the better for you.
Strive to take the chances of beginning small,” he continued.
