Former President John Dramani Mahama is claiming there was a lack of consultation in the Domestic Debt Exchange Programme (DDEP).
According to him, “I’m not opposed to debt restructuring because it is a condition precedent to getting into an IMF programme and we’re going to need to do a debt restructuring to be able to go into a programme”.
The NDC 2024 flagbearer who acknowledged the necessity of the restructuring added the importance of involving all stakeholders in the decision-making process.
The former President claimed there is a need for a national dialogue on the economy, expressing disappointment that his earlier suggestion had been ignored.
“After you’ve recklessly mismanaged the economy, you don’t want to make the same sacrifices. You’re asking the people to make all the sacrifices,” he said.
The former President said this when speaking at the Chatham House forum held in London on Africa’s Strategic Priorities and Global Role.
Mr Mahama also highlighted the need for dialogue and transparency in restructuring the nation’s debt, especially concerning domestic bondholders.
He also criticized the government’s unilateral approach, particularly its treatment of domestic bondholders, contrasting it sharply with negotiations occurring with external bondholders.
Mahama also criticized the government’s choice of negotiators, particularly the finance minister, who he argued was not the right person to handle the negotiations.
His critique extended to the 2023 budget, where he expressed concern over a GH¢82 billion increase in government expenditure compared to the previous year, questioning the seriousness of the government in making the necessary sacrifices.
“You don’t let the driver who runs you into a ditch and after you’ve managed to pull the car out of the ditch, sit behind the wheel again,” Mr Mahama lamented.
-BY Daniel Bampoe