Prof Adei Criticises Akufo-Addo Government’s Excessive Borrowing: “We Must Not Repeat our Mistakes”
- Nana Akufo-Addo has been criticised by one of Ghana's statesmen who has been friendly with his government
- Prof Stephen Adei said at a public forum that the Nana Akufo-Addo government has borrowed excessively
- Prof Adei made the comments when he spoke to journalists on the sidelines of the Signature Market Pre-launch campaign held on March 18, at the KNUST
PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!
Respected Ghanaian statesman Professor Stephen Adei has criticised what he says has been excessive borrowing under the current Nana Akufo-Addo-led administration.
The former board chairman of the Ghana Revenue Authority (GRA) told journalists on the sidelines of the Signature Market Pre-launch campaign held recently in Kumasi that the government must accept it overborrowed to prevent a repeat of that mistake.
“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].
“But the reason why things got worse is because of these underlying mistakes they made, and they must admit it,” a Citi News report dated March 21, 2023 quoted Prof Adei.
PAY ATTENTION: Click “See First” under the “Following” tab to see YEN.com.gh News on your News Feed!
The former Rector of GIMPA said unless the government accepts that it borrowed way beyond its capacity, the request for an IMF bailout will not be successful.
Ghana must learn from past mistakes
Prof Adei, who is respected for his deep knowledge of economics also said the problems facing Ghana's economy have been brought about by low productivity, systematic corruption, a lack of patriotism, and a desire for foreign goods, among others.
According to a Citi News story published on March 22, 2023, Prof Adei said it would be a shame if the current government fails to learn from the current economic challenges and implement lasting solutions.
“We have to learn and not repeat our mistakes by going on a borrowing spree, 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 counselled.
Professor Adei advises unemployed graduates to learn a new craft
Meanwhile, YEN.com.gh has reported in a separate story that professor Adei advised graduates struggling to find a job to look for alternatives in craftsmanship.
The economist and educationist is suggesting that unemployed graduates should re-skill and learn trades like soap making, and upholstery among others.
He said graduates who venture into craftsmanship have always excelled because the university education broadened their minds.
New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!