Akufo-Addo’s misplaced priorities led to Ghana’s catastrophic debt situation – Sammy Gyamfi

The National Democratic Congress’ Communication Officer, Sammy Gyamfi has described Ghana’s debt situation as “catastrophic”, attributing it to “misplaced priorities” by the Akufo-Addo-led administration.

During the party’s weekly briefing on Wednesday, October 28, he blamed the misfortunes and what he terms as “the economic quagmire” the country finds itself in on the NPP government.

“All available economic indicators show, that President Akufo-Addo has supervised the worst mismanagement of Ghana’s economy since independence.

“His misplaced priorities are what has plunged Ghana into the catastrophic debt situation and economic quagmire we presently find ourselves,” he said.

The NDC accused President Akufo-Addo of hindering the development and growth of the country by mortgaging state assets for loans.

“President Akufo Addo has encumbered most of the country’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.”

In the party’s weekly press release on Wednesday, it indicated that “domestic 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.”

Mr Sammy Gyamfi stated that the future generation would have to pay for the mistakes of the incumbent government.

“This will deprive future governments and generations who will have the burden of paying for these wasted borrowing of revenue for development,” he added.

He said: “Akufo Addo’s failure to keep this promise is a monumental betrayal of the trust of Ghanaians, for which he must be kicked out from office”.

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