What John Mahama stated about Ghana’s debt restructuring programme

Former President John Dramani Mahama has revealed that he is not against the government’s debt restructuring program but rather towards the federal government’s failure to have interaction with home debt holders.

In response to him, the federal government should have a nationwide dialogue for everybody to know the state of the financial system.

Talking on the Chatham Home in London on Friday, January 27, on the theme “Africa’s Strategic Priorities and World Function,” the previous President stated that he was ignored when he advocated for the federal government to have interaction in broad consensus earlier than introducing this system.

“I’m not against debt restructuring. What has been the rivalry is the dearth of dialogue and session with the debt holders on the home facet. I do know that negotiations are going down with the bondholders on the exterior facet however not the identical therapy on the home facet.

“I’ve been an advocate for dialogue. Earlier than this entire disaster began, I suggested the government and said they should hold a national dialogue on the economy, give us the state of the economy and let all people perceive and after that search broad consensus behind the financial programme. However this was by no means accomplished and what we anticipated will occur, occurred,” he stated.

He blamed authorities recklessness and borrowing for the present financial disaster.

“We had been elevating the pink flag since 2019 concerning the authorities’s reckless borrowing. Going onto the Eurobond market yearly for 3 billion {dollars} and never investing it within the productive sectors of the financial system and utilizing most of it for consumption and that’s what has ended us the place we’re,” he stated.

Supply: Ghanaweb

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