Businessman and philanthropist, Dr. Kofi Amoah believes President Nana Addo Dankwa Akufo-Addo needs a better finance minister to oversee the economy.
Dr Kofi Amoah, in a tweet expressing his displeasure with a Bloomberg study predicting a bleak future for Ghana’s economy due to the country’s inability to service its massive debts, said the country was facing a time of reckoning.
He also hinted that Ghana’s international capital and bond market lenders were about to abandon the country due to its debt burden.
“The time of reckoning is upon our land…our dear nation is broke and her lenders are throwing in the towel. President Akufo-Addo needs a better finance minister,”
“We must jettison the borrow for freebie development without jobs. Create jobs for the youth”.
Meanwhile, according to a Bloomberg story from January 13, 2022, Ghana’s debt situation is deteriorating as investors lose patience with the country’s massive debt.
“The West African nation’s [Ghana] dollar bonds have slumped 10% in ten days, moving deeper into distressed territory as investors judge that re-financing debt in the Eurobond market will not be an option when the Federal Reserve hikes rates and budget targets remain elusive,” according to the report.
Meanwhile, as of September 2021, Ghana’s public debt stock stood at US$341.8 billion, a condition that many market watchers and economists have raised alarm about.
Furthermore, the country faces the possibility of bond market sell-offs by international investors.