Former President John Dramani Mahama has revealed the bane of Ghana’s economic downturn.
Mr. Mahama noted that the country’s economic performance has been hindered by widening budget deficits since 2018.
The NDC flag bearer hopeful in a lecture at Chatham House in the UK on the theme “Africa’s strategic priorities and global role” noted that the issue has resulted in an increased inflation rate and rapid depreciation of the Cedi.
He also lamented that the once strong and fastest-growing Ghanaian economy is currently bankrupt.
“Our present economic situation, underscored by our bankrupt status, sharply contrasts with our fortunes a little over a decade ago. At the time, our economy posted some of the highest growth rates in the world with a robust and fast-growing non-oil sector.
“Today, many of our economic indicators are pointing south. We have in the last month entered the hyperinflation era with an inflation rate of 54%. Our currency has in the past few months been counted among the worst performing in the world, plummeting by as much as 54% in value within the first 10 months of 2022. Widening budget deficits have characterized economic performance since 2018,” he stated.
Source: Modern Ghana
