President-elect John Dramani Mahama has dispelled claims by Finance Minister, Dr. Mohammed Amin Adam that the outgoing government is handing over a resilient economy to the incoming NDC government amid an economic turnaround.
Reacting to the claims during a meeting with the Canadian High Commissioner in Ghana, Myriam Montrat, the soon-to-be head of state stated the assertion is contrary to the reality, pointing out that the nation is burdened by a $2.5 billion debt, which he warned could potentially collapse the economy.
In a press briefing in Accra on Tuesday, Dr. Adam had told journalists that the Akufo-Addo was set to hand over “a strong economy” that had “recovered strongly and faster than many anticipated”.
Mr. Mahama, who was speaking on the country’s debt distress levels told the Canadian delegation that the Finance Minister’s conclusion did not add up given the unstable macro environment.
“The energy sector needs urgent surgery otherwise it can collapse everything. And the Minister of Finance says the economy is turning around. You have a 2.5 billion [dollar] debt. Your bailout is only 3 billion [dollars] and so 2.5 billion dollar debt sitting and briefing and you say that the economy is turning around? That alone can crash everything that has been done,” President-elect Mahama said.
He reasoned that the motive for the positive messaging about the economy by government officials was “to create a more upbeat story” before they leave office on January 7, next year.
Mr. Mahama also explained the urgent need for reforms in the energy sector describing it as being on the brink of collapse without immediate intervention.
