Former finance minister; Professor Kwesi Botchwey during The Independence Day Lecture at Accra on March 7, 2022 has indicated that, the government must admit that the Ghanaian economy is in crisis.
He further reiterated that, the government must find a way of tackling this economic crisis squarely. He also revealed that generating revenue domestically will become a problem for the government as well as going back to The International Monetary Fund (IMF) for assistance.
According to him, Ghana’s economy is in shambles as government cannot repay loans borrowed from IMF and also cannot settle it debts with road contractors.
“We are in the crisis…We are unable to pay our bills, we are imposing hardship even on the vulnerable, contractors go unpaid, arrears are Piling up and we have borrowed so much money that servicing it is going to create a huge problem, especially for younger generations,”
“In any case, you have borrowed so much that we can’t go to that market anymore and even raising the revenue domestically is going to be a problem,” Kwesi Botchwey stated.