Former President John Mahama has said he is not against the government’s debt restructuring programme since it seeks to revive the ailing economy.
The only problem he said he has has been the lack of consultation on the programme which has sparked agitations among labour unions and individual bondholders.
“I am not opposed to debt restructuring. What has been the contention is the lack of dialogue and consultation with the debt holders on the domestic side.
“I know that negotiations are taking place with the bondholders on the external side but not the same treatment on the domestic side,” he said.
In an address at Chatham House in London on Friday themed Africa’s Strategic Priorities and Global Role, Mr Mahama reiterated the programme was key to the International Monetary Fund intervention the government is seeking
“I have been an advocate for dialogue. Before this whole crisis started, I advised the government and said they should hold a national dialogue on the economy, give us the state of the economy and let everybody understand and after that seek broad consensus behind the economic programme. But this was never done and what we expected will happen, happened,” he bemoaned.
Mr Mahama expressed worry about the Akufo-Addo-led government’s refusal to heed advice from the National Democratic Congress on cutting down borrowing and expenditure which he said has put Ghana in the current situation.
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“We had been raising the red flag since 2019 about the government’s reckless borrowing. Going onto the Eurobond market every year for 3 billion dollars and not investing it in the productive sectors of the economy and using most of it for consumption and that is what has ended us where we are,” he added.