<\/p>\n
The Minority spokesperson on Finance, Cassiel Ato Forson, has taken a swipe at President Nana Addo Dankwa Akufo-Addo and his economic management team as the government works to restructure the country\u2019s debt.<\/p>\n
Describing the move as a \u201cMickey Mouse\u201d one, Ato Forson warned that the way and manner government wants to go about the debt restructuring will hurt Ghanaians.<\/p>\n
\u201cMr. President, please beware that, a Mickey Mouse form of debt restructuring will hurt Ghana big time. Your debt restructuring must not target domestic creditors. It will destroy us,\u201d he said at an event dubbed Building the Ghana We Want.<\/p>\n
The public debt stock as of July 2022 was almost GH\u00a2400 billion. Ghana currently cannot borrow on the internal markets as creditors doubt if the country could service its debts.<\/p>\n
Ghana is currently seeking $3 billion in support from the International Monetary Fund (IMF) amid worsening economic conditions.<\/p>\n
There are reports that government is seeking to give its domestic debts a haircut, which could even affect some pension funds.<\/p>\n
\u201cThe truth is, Ghana cannot currently afford to repay its debt according to the finance agreement and provide public goods at the same time. Ghana is simply insolvent, in other words bankrupt.\u201d<\/p>\n
Ato Forson said Ghana is in a deep mess because the managers of the economy failed to act.<\/p>\n
\u201cFor them, everything is about the next elections, they never accept responsibility. They always say, \u2018it wasn\u2019t me, it was the guy behind the tree.\u2019 They live on another planet, and don\u2019t appreciate what the IMF will require from them, let alone start action. The ineptitude is unbelievable.\u201d<\/p>\n
The legislator believes Ghana will require a debt relief of around GH\u00a2200 billion to make Ghana\u2019s current debt sustainable.<\/p>\n
Ato Forson believes the Ghanaian economy is suffering from \u201cSovereign Insolvency Stress and Stagflation, Coupled with Acute Debt Overhang Syndrome (SIS-SADOSES).\u201d<\/p>\n
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