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HomeNewsGhana is bankrupt or insolvent - Ato Forson 'shreds' Akufo-Addo's SoNA

Ghana is bankrupt or insolvent – Ato Forson ‘shreds’ Akufo-Addo’s SoNA

Cassiel Ato Forson, Minority Leader and former deputy Minister of Finance

Minority Leader in Parliament, Cassiel Ato Forson took under two-minutes to sternly critique president Nana Addo Dankwa Akufo-Addo’s State of the Nation Address (SoNA) delivered on March 8.

Ato Forson in supporting the motion moved by his colleague on the Minority side pointed out a series of economic indicators that showed that all was not well with the country as Akufo-Addo’s address sought to portray.

He argued that the current economic crisis, the president admitted to in parts of his address, was largely self-inflicted and that Ghana was officially bankrupt.

“There is still a wide spread of despair and disenchantment among our people. Millions of Ghanaians are going through unbearable hardship and excruciating pains.

“Our economy is at its worst shape in decades, in fact Ghana’s economy is bankrupt or insolvent. We are currently unable to repay our debts, Ghana has officially defaulted in the repayment of our debt since January 2022.

“Mr. Speaker, yet Mr. President your government is failing to cut the size of government down and public expenditure,” Mr. Forson stated on the floor of Parliament in response to President Akufo-Addo’s State of the Nation Address on March 8, 2023.

Ato Forson also reiterated his point that the government had worsoned the state of the economy with the printing of monies in two successive years leading to high inflation.

“Mr. President, our economy is in tatters largely because it is self-inflicted. Your government inflicted it on us and failed to act. Mr. President this is your scorecard and this is the true state of our nation,” he added.


President Nana Akufo-Addo has vehemently rejected claims that his government’s reckless borrowing and spending is to be blame for the country’s current debt situation.

According to the President, it is worth noting that the debts the country is servicing were not only contracted during the period of his administration.

“Mr Speaker, we have spent money on things that are urgent, to build roads and bridges and schools, to train our young people and equip them to face a competitive world.

“Considering the amount of work that still needs to be done on the state of our roads, the bridges that have to be built, considering the number of classrooms that need to be built, the furniture and equipment needs at all stages of education, considering the number of children who should be in school and are not, considering the number of towns and villages that still do not have access to potable water, I daresay no one can suggest we have over borrowed or spent recklessly,” the President said in his Address on the State of the Nation on the floor of Parliament on Wednesday March 8, 2023.



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