“I am not opposed to debt restructuring” – John Mahama

Former President John Dramani Mahama has made it clear that he opposes the government’s reluctance to communicate with domestic debt holders rather than the government’s debt restructuring plan.

He asserts that the government must hold a national conversation so that everyone may comprehend the situation of the economy.

On Friday, January 27, the former President spoke “Africa’s Strategic Priorities and Global Role” at the Chatham House in London. He claimed that when he lobbied for the administration to reach wide consensus before implementing the program, he was disregarded.

“I am not opposed to debt restructuring. What has been the contention is the lack of dialogue and consultation with the debt holders on the domestic side. I know that negotiations are taking place with the bondholders on the external side but not the same treatment on the domestic side.

“I have been an advocate for dialogue. Before this whole crisis started, I advised the government and said they should hold a national dialogue on the economy, give us the state of the economy and let everybody understand and after that seek broad consensus behind the economic programme. But this was never done and what we expected will happen, happened,” he said.
He attributed the present financial crisis to government borrowing and irresponsibility.

“We have been sounding the alarm about the government’s careless borrowing since 2019.

Going into the Eurobond market every year for $3 billion, without investing it in the economy’s productive sectors and utilizing the majority of it for consumption, is what has led to where we are today, he claimed.

Source: Ghanatodayonline.com