Ex-president John Dramani Mahama has jabbed the ruling New Patriotic Party about the economic situation in the country once again. In a Facebook post, John Dramani Mahama stipulated the causes of what he termed as the economic hardships in the country. According to the post, the primary reason why the economy of the country is stressed is because of our high debt to GDP ratio. He added that, as a result of the 80% debt to GDP ratio, all our tax revenue is used to service debt and the resultant effect is the introduction of several new taxes.
The introduction of new taxes is the cause of the rampant increment in the cost of goods and services, he argued
"Our debt has ballooned to unsustainable levels- topping 80% of GDP- exposing us to very high risk of debt default. Almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes. This has led to rampant increments in the prices of goods and services. This is primarily responsible for the hardships Ghanaians are going through now".
John Dramani Mahama also alleged that the economy of the country is not in a good shape because of the desire of the Akuffo Addo-led government to spend beyond our means purposely to score political points. He admonished the government to take responsibility for the mismanagement of the economy and not blame it on COVID-19.
"This government must accept that it is their mismanagement of the economy, their thirst for consumption expenditure, and the desire to spend beyond our means to win elections that have plunged us into the current crisis, not necessarily COVID-19".
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