John Mahama: Former President Classifies Ghana As Bankrupt Following Suspension Of External Debt Payment

• Former President John Dramani Mahama has classified Ghana as an officially bankrupt country
• This comes after the country suspended all debt service payments to its external creditors, including Eurobond holders
• The finance minister who announced the move said it is an interim emergency measure meant to save the country's economy

John Dramani Mahama, the former President of Ghana, has classified the country as an officially bankrupt one.

This comes on the heels of an announcement indicating that the country was suspending all its debt service payments to its external creditors, including Eurobond holders.

Suspension of External Debt Service Payments Is An Interim Measure - Ken Ofori-Atta

According to the finance minister, Ken Ofori Atta, the move was an interim emergency measure to help save the economy from its dire financial situation.

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Dr Ato Forson predicts that Fitch, S&P and Moody's expected to downgrade Ghana's rating to default

Taking to his Twitter handle to comment on this latest development, the 2020 NDC flagbearer posted four words:

"Tragic! Ghana officially bankrupt."

The post, which has garnered tons of reactions, has sparked a debate under the tweet, some of which have been compiled below.

@AlhassanAAdams1

The competent NPP government cannot pay their creditors, actually, they have never held any responsible position, and they don't know what it takes to be president, and now their smoothness level is seen by the whole world. we got to change.

@AkwasiCobby

Ghana needs to default so that we can renegotiate our loans for better rates and terms. This will help Ghana in the medium to long term. Ex-President is playing with Ghanaians' emotions to get support for his ambitions

@bra_lat

This is especially worrying because the cedi only recently appreciated significantly against the major currencies. With this news, it’s about go in reverse ‍♂️.

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Organised labour declares strike over 'plan' to use pension funds under debt exchange

@FrancisWarmann

Please Sir,it's hard time you sit with the current government as a former president and discuss with them the policies you could have introduced to rescue us if you were the president. I think waiting till next elections will get things out of hand. Thank you

@Apakarau

As a matter of fact, most African countries are bankrupt. The effect of bad leadership.

@Spycybuoy

In plain English, Ghana borrowed and lavished We can't repay. We told lenders we won't repay Old Lenders and new lenders will not lend to us again Our economy will shrink The end

Dr Ato Forson: NDC MP Predicts Fitch, S&P And Moody's Expected To Downgrade Ghana's Rating To Default

Earlier, YEN.com.gh reported that the minority spokesperson on finance, Dr Cassiel Ato Forson, had revealed how credit rating agencies worldwide will begin to downgrade Ghana's outlook.

According to him, agencies such as Fitch, S&P and Moody's will downgrade the country's rating to default.

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Prof Kwasi Prempeh describes Akufo-Addo’s cathedral as “vanity project”

The Ajumako-Enyan-Essiam MP explained that the development only means one thing, Ghana is broke.

Source: YEN.com.gh