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HomeNewsReckless spending, excessive borrowing caused our current crisis, not external factors –...

Reckless spending, excessive borrowing caused our current crisis, not external factors – NDC

According to the National Chairman of the opposition National Democratic Congress (NDC), the government’s claims that the current economic crisis was caused by external factors are false.

Johnson Asiedu Nketiah, delivering what the NDC has described as “the true state of the nation address” at the University of Professional Studies (UPSA)), Accra, said the current economic crisis is the result of the government’s incompetence.

He blames Ghana’s economic crisis on reckless spending and excessive borrowing.

He wondered why our neighbours, including Nigeria and other countries, had not faced an economic crisis in the face of the Covid-19 outbreak and the Russian-Ukraine war.

He quizzed why the other African countries were not recording over 50% inflation rate and defaulted in the payment of the repayment of their debts, he also wondered why these countries have not been downgraded to junk status and locked out of the international capital markets.

He further asked why our neighbours are going through debt restructuring, not visiting crucial financial haircuts on their citizens, including pensioners, and also experiencing childhood vaccine shortages.

”Ladies and gentlemen, the economic mess we have on our hands has largely been brought about by the reckless spending, excessive borrowing and economic mismanagement by the Bawumia-led economic management team and not external factors as the government would have us believe.”

Source: rainbowradioonline.com

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