Cassiel Ato Forson, the minority leader in Parliament has declared Ghana’s economy as bankrupt and insolvent during a two minutes submission in parliament.
This comes off after the president’s state of the Nation Address (SONA) on March 8, 2023, in parliament.
According to him, the current economic crisis Ghana is facing was inflicted by President Nana Akuffo-Addo. During his submission in parliament which was monitored by 1Family Radio, the lawmaker asserted that Ghanaians are going through excruciating pains and unbearable hardships.
“Our economy is in its worst shape in decades, in fact Ghana’s economy is bankrupt or insolvent. We are currently unable to repay our depts, Ghana has officially defaulted in the repayment of our depts since January, 2022,’’ Ato disclosed.
He furthered that despite all these pains, the president has failed to cut down the size of his government and expenditure. “Ghana is experiencing high inflation rate because the government allowed the Bank of Ghana to print GH¢50 billion notes in 2022 and another GH¢4 billion notes in 2023 first quarter,” he noted.
“Inflation is currently rising, monetary policy rate is also at 28%, the Ghana cedis has depreciated by 20% in January alone, Mr. president, unemployment is extremely high at the record levels and as we speak now lending rate is at 40%,’’ he stated.
“Mr. president, our economy is currently in tatters largely because it is self-inflicted, your government inflicted it on us and failed to act. Mr. president, this is your score card and this is the true state of the nation,’’ the lawmaker concluded.