President John Mahama has strongly criticised the current economic challenges facing Ghana, attributing the nation’s financial struggles to years of financial mismanagement, including irresponsible borrowing, reckless spending, and weak leadership.

Speaking at the opening session of the National Economic Dialogue on Monday, March 3, Mr Mahama outlined several severe economic issues that Ghana is grappling with.

"The economy was reeling from unprecedented levels of debt, soaring inflation, high unemployment, declining levels of foreign direct investment, and low business confidence," Mahama said, emphasising the scale of the nation’s economic woes.

He further explained that the financial challenges Ghana is facing today did not emerge overnight.

Instead, he suggested that these issues are the result of years of poor financial management, which, he claimed, have compounded over time.

"The financial struggles that our nation is facing have not arisen overnight; they have been the result of several years of financial mismanagement," Mahama stated.

According to the President, the mismanagement was primarily due to irresponsible borrowing, reckless spending, and weak leadership that failed to address the fundamental structural problems within the economy.

He argued that such decisions had long-term consequences, undermining the stability and growth of the nation.

"Irresponsible borrowing, reckless spending, and weak leadership that failed to address the underlying structural issues within our economy," he said