Ghanaian banking consultant Dr Richmond Atuahene has called for urgent constitutional reforms to place strict limits on government borrowing, describing Ghana’s current economic situation as “disappointing” and warning of long-term consequences if action is not taken.

Speaking at the ongoing constitutional review stakeholders' dialogue, Dr Atuahene proposed that the Constitution be amended to prevent any sitting government from borrowing more than 50% of the country’s Gross Domestic Product (GDP). He argued that unchecked borrowing over the years has pushed Ghana into a deepening debt crisis.

“Never in the history of any African country, not even Argentina or Greece, have we seen something like this. In the whole of Africa, we are the first to structure people’s savings and destroy them,” he said.

Dr Atuahene recalled warnings he had given in the past about Ghana’s rising debt. “In 2018, I was giving a lecture at the Kempinski Hotel, and I said the way we are borrowing, we will pay through our nose, and I was insulted in this country. Today, we are not even paying through our noses, we are using our blood to pay,” he said.

He stressed the need for a constitutional ceiling on borrowing, saying it would prevent politicians from making empty promises and taking on excessive debt just to fulfil them.

“Let us set it right in the constitution that no one should go beyond 50% of our GDP ratio. It will stop people from telling us we can do everything, then go and borrow and destroy what we have,” he added.

Dr Attuahene also raised concerns about political interference in the governance of the Bank of Ghana, particularly regarding the tenure and independence of central bank governors. He called for legal safeguards to prevent arbitrary dismissals by political leaders.

“He has four years like the political party, so he must dance and sing to their tune? You cannot change the governor, you cannot force him to resign,” he said. “But that part of the Constitution has been breached again and again, and no one is talking.”

He claimed that about 10 central bank governors have been removed from office over the years, often without proper justification. “Somebody comes to power and says ‘I don’t want to work with this man’. But the Constitution says unless the governor is incompetent or incapacitated, he must remain in office.”

Using Nigeria as a cautionary example, he referred to the fate of the former Central Bank of Nigeria governor who has been under house arrest since President Buhari left office.

“Let us reframe our constitution in such a way that people cannot take Ghana for a joke,” he said.