Economist Stephen Adei has said over-borrowing is one of the biggest mistakes of the Akufo-Addo government.
The former board chair of the Ghana Revenue Authority (GRA) told journalists on the sidelines of the Signature Market Pre-launch campaign at the Kwame Nkrumah University of Science and Technology, Kumasi that over-borrowed exacerbated the economic crisis.
“I think the biggest mistake they made is that they borrowed beyond our capacity to service it.
“If you are a country and you borrow beyond your capacity, you will be in trouble, of course, COVID-19 came in, and the Russia-Ukraine [war, too].
“But the reason why things got worse is because of these underlying mistakes they made and they must admit it”, Prof Adei explained.
He added: “If not, they won’t be going to IMF.
“If you are a government and you go broke you re-negotiate with your debtors. I think the debt restructuring will go through”.
“We have to learn and not repeat our mistakes by going on a borrowing spree”, he advised, noting: “We should become watchdogs”.
“The leakages should be reduced, the level of corruption, the wastage from the government after government is high, so, we don’t get value for money,” he stated.