John Dramani Mahama has said that the Finance Minister’s claim that Ghana has returned to the international capital market is not true.
The flag bearer of the National Democratic Congress (NDC) says the country has rather finished restructuring its debt and is yet to begin payment to its creditors.
John Mahama adds that due to mismanagement of the economy, the cedi continued to fall to other foreign currencies even when Ghana was not servicing its debts.
The Finance Minister, Dr. Mohammed Amin Adam, had indicated that Ghana is back on the international capital market, following a successful conclusion of the $13 billion Eurobond debt restructuring. However, he was quick to add that government is considering other factors before borrowing from the capital market
But speaking at Funsi in the Wa East constituency of the Upper West region Sunday, October 13, 2024, John Mahama disclosed that Ghana was given a moratorium from paying its debts during the period of restructuring.
“Recently I saw the minister responsible for Finance say they have successfully entered back unto the capital market, that was a lie. What has happened is we now have finished the debt restructuring and now start paying our restructured debts.
“During the negotiations of the debt restructuring , Ghana was given a moratorium from paying debts. So even as our cedi was moving from 14, 15, 16 and 17 cedis, we were not servicing any debts,” he stated.
He added that “and so even in a situation where we are not servicing debts, the cedi continuous to lose value to the dollar and other international currencies. That is the situation in which the NPP has plunged this country.
The former President admonished the electorates to vote against the NPP come December 07 to teach them a lesson.
“…and that is why they must go into opposition. Their intention was only to plunder this country and take the opportunity for a few friends and family,” he added.
Retaining the NPP in government, according to Mahama, was an indication that the country is rewarding incompetence.
“We cannot afford to have NPP continue in government. If we do that, it will reward mismanagement, it will reward dishonesty, it will reward daylight robbery, they have done enough, let them go,” he charged.
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With additional files from Komla Klutse
