Former President John Dramani Mahama has taken a swipe at the governing New Patriotic Party (NPP) over its inability to go to the International Monetary Fund (IMF) to seek financial support.
According to him, assigns of the government described his previous administration as a lazy government because he went to the IMF.
In an address on the state of Ghana’s economy, Mr. Mahama said what the current government said in the past has come back to haunt them.
The former president said ESLA cannot be removed as part of our petroleum price build-up because the government spent the money upfront and has collateralised it till 2035.
He noted that the government had developed an approach to concealing debts through the collateralization of statutory funds for the contraction of loans.
He said his administration before leaving office, left over US$200million – in the Sinking Fund for the Nana Addo administration.
He explained that the purpose of the fund was to periodically redeem the country’s external and domestic debt, especially current bullet loans.
He said the government seeks to collateralise more of our revenue, including our gold royalties, under the ”dubious Agyapa deal”.
He warned the Minority in Parliament will resist any attempt by the government to re-introduce the Agyapa deal before the House.
”We will not partake in the destruction of the Ghanaian economy which this government is bent on doing,” he added.
”Every economic watcher is aware that the real problem of Ghana is not what we do not have and is not that we do not have enough money to spend on priority needs, but it is that we have borrowed too much and the chunk of our revenue is going into servicing our debt leaving very little for anything else,” he added.