The struggles of the Ghanaian economy in recent months now appears to be dawning on former President John Mahama much more than before.
Mr. Mahama, who says he just returned from a trip to some parts of Northern Ghana says poverty has worsened due to ‘extreme inflation and price volatility.”
In a post on Twitter, the former President said, “Back from a trip to the Savannah, Northern and Upper West Regions – and poverty has worsened due to extreme inflation & price volatility. The economy is in a near state of collapse; clearly, the NDC has been a better manager of the economy!.”
Ghanaians have struggled with high cost of living for several months, and it is unclear how soon prices of food and fuel will stabilize.
Mr. Mahama and his opposition National Democratic Congress have constantly blamed the current situation on the mismanagement of the economy and reckless borrowing by government.
On the contrary, government has largely sought to blame the economic challenges on the impact of the Covid-19 pandemic and the Russia-Ukraine war.
The former President’s remarks come at a time when the government is facing difficulties implementing its domestic debt exchange programme.
The programme is critical to securing the final approval for a $3 billion dollar bailout from the International Monetary Fund (IMF).
On January 18, Finance Minister Ken Ofori-Atta met with individual bondholders to discuss the proposal.
Source – Tru News Report