Our ballooning, unsustainable debt level topping 80% of GDP – Mahama

Ghana’s debt level is unsustainable and the cause of the current hardship that ordinary citizens are suffering, former President Jon Mahama has said.

“Our debt has ballooned to unsustainable levels – topping 80% of GDP – exposing us to very high risk of debt default“, the 2020 flag bearer of the main opposition National Democratic Congress wrote on Facebook.

He said,“almost all of our tax revenue is used to service our debt and the effect has been the introduction of several new taxes“.

“This has led to rampant increments in the prices of goods and services“, Mr Mahama added.

In his view,“this is primarily responsible for the hardships Ghanaians are going through now“.

“This government must accept that it is their mismanagement of the economy, their thirst for consumption expenditure and the desire to spend beyond our means in order to win elections, that have plunged us into the current crisis, not necessarily COVID-19