Today in History: There’re no credible remedial plans to salvage economy – Mahama

Former President, John Dramani Mahama, in August last year accused the Akufo-Addo-led government of not having any credible remedial plans to salvage the ailing economy.

His comment was on the back of a downgrade of the local economy by Standard and Poor, S&P Global Ratings.

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Read full articleAugust 10, 2022 by www.ghanaweb.com.

Former President, John Dramani Mahama, on Tuesday, August 9, 2022, reacted to the recent downgrade of the Ghanaian economy by the rating agency Standard and Poor, S&P Global Ratings.

Mahama, who has in the recent past, proffered economic advice to the government, called for a national dialogue to help rescue the economy.

He expressed concerns about the current state of the economy amid the downgrade and took a swipe at the government for having no credible plan to reverse the downturn.

"Unfortunately, no credible remedial plans have been put forward by the government to salvage the economy," Mahama's post read after enumerating some challenges the economy faced; principal among them, depreciating currency and low investor confidence.

"A national dialogue on the economy, bringing some of our best brains together, will serve us well, even as we prepare for debt restructuring and negotiation of an IMF programme," the post concluded.

Mahama's Finance Minister, Seth Terkper, is on record to have proposed that government undertakes a gathering like the Senchi Summit, which Mahama called in 2015 at the height of an economic crisis occasioned by the power crisis.

Read Mahama’s full post below:

There appears to be no end to the problems with the Ghanaian economy, with the recent downgrade to CCC+/C Junk status.

The steep depreciation of the Ghana Cedi in recent days, clearly shows that the mid-year review of the 2022 budget failed to win back the confidence of the investor community and the Ghanaian public.

Unfortunately, no credible remedial plans have been put forward by the government to salvage the economy.

A national dialogue on the economy, bringing some of our best brains together will serve us well, even as we prepare for debt restructuring and negotiation of an IMF programme.



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