Economist Stephen Adei says incessant borrowing without the capacity to repay is one of the most significant contributors to the country's economic crisis.
The former Ghana Revenue Authority (GRA) Board Chairman insists this development is what has become an albatross around President Akufo-Addo's neck.
"I think the biggest mistake they made is that they borrowed beyond our capacity to service it," he said.
He made these comments on the sidelines of the Signature Market Pre-launch campaign at the Kwame Nkrumah University of Science and Technology (KNUST).
Prof Adei explained that even though exogenous factors such as the coronavirus pandemic and the Ukraine-Russia war played a role, overborrowing is the final nail that threw it entirely out of gear.
"If you are a country and you borrow beyond your capacity, you will be in trouble, of course, COVID-19 came in, and the Russia-Ukraine [war]. But the reason why things got worse is because of these underlying mistakes they made and they must admit it", Prof Adei explained.
He told pressmen that if this was not the case, "they won’t be going to IMF."
"We have to learn and not repeat our mistakes by going on a borrowing spree", he urged the government.
Latest Stories
-
‘After The Floods’: Victims suffer harsh conditions 6 months after Akosombo dam disaster
7 mins -
Akufo-Addo to unveil Otumfuo commemorative stamp
33 mins -
EduSpots distributes over 100 tablets and laptops to 30 community-led education spaces
49 mins -
Taxation is driving away investors – FABAG General Secretary
1 hour -
Effutu MP commissions office for Hepatitis B; absorbs cost of testing, vaccination and management
1 hour -
Bawumia pushes for land digitisation to tackle land guard menace
2 hours -
Faith-based institutions are instrumental in national development – Bawumia
2 hours -
Upholding the Integrity of Presidential Promises: A call to Ghanaian leaders
2 hours -
I don’t start ‘beefs’; I only reply – Strongman refutes claims
2 hours -
Vice President Bawumia promises reforms to turn Ghana’s fortunes around
2 hours -
REGSEC warns encroachers along Tema-Sakumono Ramsar site as it races to prevent flooding
2 hours -
Kumasi International Airport to be commissioned ahead of time – Transport Ministry
2 hours -
Vomit your loot now or hold onto it and face the consequences – Asiedu Nketiah to Akufo-Addo, NPP
2 hours -
Democracy is going to reverse in West Africa if we don’t tackle economic hardships – Atuguba
3 hours -
Bawumia commissions 124 housing units for victims of Appiatse disaster
3 hours