Former President John Mahama has lamented the state of Ghana’s economy.

According to him, the country is now saddled with debt, a situation he insists has exposed the economy to global humiliation.

“We’re saddled with debts we simply cannot pay and we have suffered the global humiliation of defaulting on our debts and being downgraded by all credit rating agencies to the lowest level ever seen in our history, our economy is in the worst ever shape...Ghana is bankrupt,” he said on Thursday.

He made the comments when he launched his flagbearership bid of the National Democratic Congress (NDC) in Ho.

Mr. Mahama mentioned that the Domestic Debt Restructuring Programme has made innocent pensioners and the elderly who have toiled so hard over the years with the hope of enjoying the fruits of their labour look hopeless and disappointed while they picketed at the Finance Ministry.

“Our aged pensioners and the elderly have not been spared either, in the past few weeks they have been compelled to stage public manifestations outside the Ministry of Finance in defense of their livelihoods even in this elderly state.”

“Who would’ve thought that Ghana will come to a juncture like this where a government would mete out such shabby treatment to our senior citizens whose only crime is that they put their life's savings in what is considered the safest financial instrument in the world, government bonds,” he indicated.

The NDC flagbearer hopeful also said that the incompetence of our current government has led to the collapse of the economy and none of them is willing to take responsibility for this huge mess.

He added that they rather shift all the blame to external factors.

“Today everybody is running from taking responsibility,” he said.

Mr. John Mahama said that government is not willing to make sacrifices rather they keep wasting the little money left on misguided projects and a bloated government.

Mr Mahama joins former Finance Minister, Dr. Kwabena Duffuor, former Mayor of Kumasi, Kojo Bonsu and businessman, Ernest Kwaku Krobea as personalities who are in the running to be elected the NDC’s flagbearer into the 2024 election.