Economic crisis: Professor Adei slams Akufo-Addo for excessive borrowing

Professor Stephen Adei, a former chairman of the board of the Ghana Revenue Authority (GRA), has criticised the Akufo-Addo government for excessive borrowing, which he says is at the root of the country's economic crisis.

The renowned economist claims that while the emergence of COVID-19 and the Russian-Ukrainian war may have had an impact on Ghana's economy, the fundamental mistake made by the government was to borrow more than it could afford.

He urges the government to take responsibility and try to turn around the country's fortunes.

Speaking to the media on the sidelines of the pre-launch of the Signature Market at the Kwame Nkrumah University of Science and Technology, Kumasi, Professor Adei said.

I think the biggest mistake was that we borrowed more than we could service. Of course, COVID-19 and the Russia-Ukraine [conflict] have shown that if you are a country and you borrow more than you can afford, you will get into trouble.

But they have to admit that these fundamental mistakes they made are the reason why things got worse. If they don't, they won't go to the IMF; when a government goes bankrupt, it renegotiates its debt with its creditors. I think the debt restructuring will be successful.

To avoid a situation like this in the future, Professor Adei also wants Ghanaians to hold government officials to account.

We must learn from our mistakes and avoid repeating them through vigilant financial oversight. We don't get value for our money because of leakages, high levels of corruption and waste by successive governments," he said.

He also urged students to start their own businesses while still in school to reduce graduate unemployment.

Strive to start your own business by doing something simple; the sooner you do it, the better. Try to accept the risks of a humble beginning, he said.

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