Ghana is not broke; it is bankrupt and no country is ready to offer us loans – Hassan Ayariga

Ghana is no longer credible - Hassan Ayariga

Ghana now borrowing to service interest on loans - Ayariga

There is a difference between broke and bankrupt - Ayariga

The founder and leader of the All People’s Congress (APC),

Read full articlehref='/GhanaHomePage/people/person.php?ID=1192'>Hassan Ayariga, has stated that the notion that Ghana is broke is erroneous because the real state of the economy is one of bankruptcy.

He explained that if it was a subject of being broke, Ghana would have been able to easily come out of it but the situation has deteriorated so much that it is at a level of bankruptcy.

He added that the current rating by Moody’s further dips Ghana’s chances at being a credible country that is eligible for loans.

“Let me be very sincere with you. I hear a lot of people saying Ghana is broke. Ghana is not broke; Ghana is bankrupt. If Ghana was broke, fine, we will manage. There is a difference between broke and bankrupt. If we were broke, that would have been alright but we are bankrupt and what that means is that we are not credible to borrow money any more.

“Moody’s has rated Ghana ‘C.’ What that means is that no country is willing to lend us money because we have mortgaged everything that we have: our national resources for the next 30, 50 years and now, we are not even paying the loans. We are borrowing now to service interest on loans,” he stated.

Hassan Ayariga made this known while speaking with Kofi Adomah Nwanwanii on Facebook on Monday, March 28, 2022, and monitored by GhanaWeb.