The Deputy Finance Minister, Dr John Kumah, has admitted that the current state of the economy is due to some mistakes that the government has made.

According to him, the excessive debt incurred by the state could be attributed to the government’s failure to consider other alternatives to financing its various initiatives rather than borrowing.

Thus the populace are right to criticise the government.

“We are not a perfect institution. We can make mistakes, and our decisions are allowed to be criticised," he said on JoyFM’s Super Morning Show on Tuesday.

Despite his admission, Mr Kumah also maintained that prior to the Covid-19 pandemic, there was an improvement in the economy, with an average growth of 7% GDP per annum.

This, he explained was evidence that “the borrowings were resulting in growth.”

Mr Kumah was contributing to a discussion on Government's debt exchange programme launched on Monday by the Finance Minister, Ken Ofori-Atta.

In response to rumors that investors may soon lose their investments in the Government's upcoming debt restructuring campaign, the Minister reiterated the Government's pledge that there will be no haircut on the principals of Bonds and Treasury Bills.