Akufo-Addo’s biggest mistake is overborrowing – Prof Adei

Prof Stephen Adei

The former Rector of the Ghana Institute of Management and Public Administration (GIMPA) Prof Stephen Adai has laid the country’s current economic crisis solely on the doorsteps of the Akufo-Addo-led administration.

He says the country’s current situation is due to what he describes as excessive borrowing by the government.

Delivering the State of the Nation Address President Akufo-Addo mounted a strong defence for the government’s continuous borrowing in the wake of an economy battered by COVID-19 and the Russian invasion, insisting that his government has not been reckless in spending.

“We have not been reckless in borrowing and spending. It is worth noting that the debts we are servicing were not only contracted during the period of this administration.

“Considering the amount of work that still needs to be done on the state of our roads, the bridges that have to be built, considering the number of classrooms that need to be built, the furniture and equipment needed at all stages of education… “I dare say no one can suggest we have over-borrowed or spent recklessly,” he added.

But Prof Addai disagrees. He said the fundamental mistake government made was to have borrowed beyond its capacity. He is thus calling on the government to accept responsibility and work to change the fortunes of the country.

“I think the biggest mistake they [the government] made is that they borrowed beyond our capacity to service it. “If you are a country and you borrow beyond your capacity, you will be in trouble, of course, COVID-19 came in, and the Russia-Ukraine [war, too].

“But the reason why things got worse is because of these underlying mistakes they made and they must admit it. If not they won’t be going to the IMF”.

“We have to learn and not repeat our mistakes by going on a borrowing spree”, he urged the government adding: “The leakages should be reduced, the level of corruption, the wastage from the government after government is high, so, we don’t get value for money”.



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