The National Democratic Congressâ€™ Communication Officer, Sammy Gyamfi has described Ghanaâ€™s debt situation as â€œcatastrophicâ€, attributing it to â€œmisplaced prioritiesâ€ by the Akufo-Addo-led administration.
During the partyâ€™s weekly briefing on Wednesday, October 28, he blamed the misfortunes and what he terms as â€œthe economic quagmireâ€ the country finds itself in on the NPP government.
â€œAll available economic indicators show, that President Akufo-Addo has supervised the worst mismanagement of Ghanaâ€™s economy since independence.
â€œHis misplaced priorities are what has plunged Ghana into the catastrophic debt situation and economic quagmire we presently find ourselves,â€ he said.
The NDC accused President Akufo-Addo of hindering the development and growth of the country by mortgaging state assets for loans.
â€œPresident Akufo Addo has encumbered most of the countryâ€™s revenue streams by mortgaging our bauxite deposits to Sinohydro, and the GETFUND and ESLA for loans which he has wasted on consumption-related expenditures, rather than investments in meaningful projects.â€
In the partyâ€™s weekly press release on Wednesday, it indicated that â€œdomestic revenue from January 2020 to June 2020, stood at GHS21,682,896,236. Out of this amount, GHS19,599,639,701, representing 90.4% of domestic revenue, was used for debt servicing alone within this period.â€
Mr Sammy Gyamfi stated that the future generation would have to pay for the mistakes of the incumbent government.
â€œThis will deprive future governments and generations who will have the burden of paying for these wasted borrowing of revenue for development,â€ he added.
He said: â€œAkufo Addoâ€™s failure to keep this promise is a monumental betrayal of the trust of Ghanaians, for which he must be kicked out from officeâ€.