Former President John Mahama has proffered some solutions to the Akufo-Addo-led government to implement in order to save the ailing economy.

According to him, if fiscal discipline is not ensured, Ghana is likely to go "entirely broke like Sri Lanka."

Mr. Mahama was speaking at the launch of a think tank - Think Progress Ghana - on the theme, ‘Ghana’s debt burden, reflections and solutions.’

He suggested that President Akufo-Addo should immediately, among other measures, dismiss the Finance Minister, Ken Ofori-Atta, because he has failed the country.

In addition, Mr. Mahama asked the President to immediately address the nation on the state of the economy to rally the support of the citizens.

“He should conduct a major shakeup of his government to remove all the many dead woods that have turned the ministries into their kingdoms. Finally, he should huddle with the best brains of this country to formulate a comprehensive recovery plan for our economy,” he added.

With regard to Moody’s and Fitch downgrade of Ghana’s credit rating, Mr. Mahama said President Akufo-Addo and his economic management team have failed to make pragmatic decisions aimed at salvaging Ghana’s fragile economy.

“President Nana Akufo-Addo and his Head of the Economic Management Team, rather appallingly, remain nonchalant in the face of this serious crisis and have limited their response to the imposition of very harsh and regressive tax measures, one of which is the E-Levy, which has been roundly rejected by the people of Ghana.”

He said the government had also “resorted to unhelpful political posturing over suggestions on how to stem the downward spiral, ensure discipline, and help the economy recover.”

“Like one drowning and yet clutching at a mere straw to stay afloat, this government has banked all its hopes on the E-Levy, which, given the gravity and depth of the problems that have beset our economy, is neither adequate nor viable as a sustainable response to the crisis.”

“It is painfully obvious that beyond the ill-conceived E- Levy, the Akufo-Addo administration has no viable or credible plan of action to get us out of the current economic doldrums into which they have plunged us; meanwhile, there can be collective buy-ins from the Ghanaian people, development partners and the investor community that is being ignored," he said.