Ghana is bankrupt -Mahama

Former President Mahama has categorically stated that Ghana is bankrupt.

Delivering a Chatham House Lecture on Friday, Mr Mahama said, “We are currently bankrupt and burdened with a national debt we are simply not able to pay. You may have learnt over the past few weeks that the Ghanaian government has defaulted on the servicing of both external and domestic debt. There is currently, a huge uproar over a controversial debt restructuring programme under which the middle-class of Ghana could be wiped out if plans to have them forfeit proceeds of government bonds on which they rely for investment and sustenance, are followed through.”

According to him, even though Ghana will soon mark sixty-six (66) years of nationhood, the event is far from being an occasion to celebrate independence and the successes and achievements of nationhood.

“ We will mark this day under the yoke of the worst economic situation in decades,” he added.

“In absolute terms, up to about six (6) million people could be deprived of their life savings and investments. Ghana’s banking and financial sector could also be under threat of insolvency if no suitable adjustments are made to the debt restructuring plans.

“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,” he added.

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