Ghanaian economist, Dr. Frank Banor, has said that the NDC is one major reason Ghana has found itself in the current economic crisis.
According to him, from 2013 to 2016, Ghana issued Eurobonds with the highest coupon rate of 10.75 percent.
Speaking on Good Morning Ghana on August 27, he said, “If you are a lover of economics and also a fan of data, then it leaves much room for concern, especially when you have someone like the former president talking about resetting the Ghanaian economy.
“Between 2013 and 2016, when Mahama was president, Ghana went to the Eurobond market each of those years. All this borrowing was done in the short term, meaning that Ghana did not have enough fiscal room to operate.
“NDC is one major reason Ghana found itself where we are now,” he said.
This comment was on the back of claims by the Ranking Member of the Energy Committee of Parliament and Spokesperson on the Economy for the NDC, John Jinapor, that for the first time in history, Ghana has defaulted on its international debt obligations.
According to him, the country has defaulted on both the internal and external sectors to the extent that domestic bonds cannot be serviced.
He added that claims made by the NPP’s flagbearer, Dr. Mahamudu Bawumia, that he will upgrade the economy cannot be realised.
ghanaweb.com