Respected Ghanaian statesman Professor Stephen Adei, a former board chairman of the Ghana Revenue Authority (GRA), has criticized the excessive borrowing of the Akufo-Addo administration.
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On the sidelines of the recent Signature Market Pre-launch campaign in Kumasi, the former board chairman of the Ghana Revenue Authority (GRA) told journalists that Akufo-Addo and his government must admit their errors regarding excessive borrowing to avoid making the same mistakes again.
He stated;
"I think the biggest mistake they made is that they borrowed beyond our capacity to service it"
The professor contends that if a country or an individual borrows more money than its capacity, it will undoubtedly run into financial difficulties.
"If you are a country or an individual and you borrow beyond your capacity, you will be in trouble," He said.
“We Must Not Repeat our Mistakes”, Professor Stephen Adei Has Criticized Akufo-Addo Government’s Over Excessive Borrowing.
He made it quite obvious that Akufo-Addo and his governments' problems shouldn't have become worse because of the COVID-19 arrival or the current war between Russia and Ukraine, but rather because of fundamental errors they committed and had to acknowledge.
"Of course, COVID-19 came in, and the Russia-Ukraine war but the reason why things got worse is because of these underlying mistakes they made, and they must admit it,” He stated.
According to the Professor, If the government does not acknowledge that it borrowed much over its means, the request for a rescue from the IMF will fail. Prof. Adei, who is renowned for his in-depth understanding of economics, added that among other things, low productivity, systemic corruption, a lack of patriotism, and a demand for imported commodities are to blame for the economic issues facing Ghana.
Prof. Adei stated that it would be regrettable if the present administration did not draw lessons from the current economic difficulties and put them into action. This was reported in a Citi News article on March 22, 2023.
"We have to learn and not repeat our mistakes by going on a borrowing spree, we should become watchdogs. 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," He counselled.
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