Former Finance Minister, Prof. Kwesi Botchway, has painted a gloomy image of Ghana’s economy, describing it as one that is suffering grave distress.

Prof Botchway wants government to thoroughly review the economy to cut down expenditure and avoid measures that will mortgage Ghana’s future.

He made these comments at a public lecture organised by the One Ghana Movement at the University of Ghana on Monday.

"We are no longer seen as creditworthy. Our policies are no longer seen as credible in the face of the investor community," he said on Monday.

The NDC stalwart enumerated some of the challenges that, he believes, demonstrate the failures of the government currently.

According to him, "the exchange rate at the forex bureaus is nearing 8 cedis to the dollar. Fuel prices at the filling stations have crossed the ¢8 per litre bar. Inflation is back in double-digits nearing about 15 per cent."

"The government is struggling to raise money locally and is accumulating arrears to several programmes; roads, school feeding, LEAP, even salaries," he added.

The Independence Day event which was held at the Cedi House of UG's Department of Economics was under the theme; "On the State of the Nation’s Economy and Politics: 65 years after independence – The Path to Sustainable Development and Democratic Consolidation."