According to him, under the watch of President Nana Addo Dankwa Akufo-Addo and his vice Mahamudu Bawumia, Ghana has suffered the worst credit rating downgrade since 2004 by some international credit rating agencies.
In a statement copied to GhanaWeb, the member of parliament (MP) said,
“After giving you such a long rope, it has become clear the Akufo-Addo-Bawumia government are “dubious financial engineers” and scammers led by the white-wearing, Bible-quoting Ken Ofori-Atta.
“… Ghana’s debts are, for the first time since the 2000s, considered highly speculative and substantially risky by investors and analysts. In other words, Ghana’s debts are seen as junk by investors,” he said.
He said this government has mismanaged Ghana’s economy to the extent that it had no funds to even debts that are maturing.
“Yet, the capital markets where they have borrowed from with alacrity to refinance the debt has been shut on us. Ghana’s Bonds are now like a bubonic plaque that no one wants to touch,” the MP added.
“So, quite clearly, the country faces substantial risks of default in the market almost to the point of a debt-distressed economy. Indeed, Ghana is already defaulting on its domestic bonds, with spurious restructuring and rollovers since the third quarter of 2021. The only thing left is for the government to extend this default to the government’s international capital market obligations,” he further stated.