The Managing Editor of the Insight newspaper says the country's former president, Prof John Evans Atta Mills, toiled to salvage from gross economic mismanagement has now attained the status of bankruptcy.

Kwesi Pratt Jnr made this statement during the 12th anniversary Atta Mills Memorial lecture held at the University of Ghana Cedi Conference Center on Friday, July 19.

He explained that government spending 128% of total revenue on items like debt servicing, debt repayment, and public sector emoluments indicates an admission of bankruptcy.

“Statistics made available by the Ministry of Finance and Economic Planning showed that Ghana spends 128 per cent of her total revenue on three-line items: debt servicing, debt repayment, and public sector emoluments.

"This is an admission of the fact that the country, Professor Atta Mills toiled to salvage from wreckages of gross mismanagement, has finally attained the status of a bankrupt nation.”

Recounting the economic mess, Kwesi Pratt highlighted the high cost of commodities, high inflation, importation, and the high depreciation of the Cedi as indicators of a horrifying state of decay.

“The rise in prices of all goods and services over the last seven years also tells a horrifying story of national decay.

"In 2017, the price of a gallon of petrol was GH¢18 but has risen to GH¢81 in 2024, a percentage increase of 336.84.

"The price of a ball of kenkey has risen from 50 pesewas to GHS5, representing a percentage increase of 500. A gallon of cooking oil has risen by 230% from GH¢50 to GH¢180.

"A bag of maize which sold at GH¢150 is now selling at between GH¢320 and GH¢350, a rise of 123.33%. Ghana’s state of decay is also reflected in the extent of devaluation of the cedi.”