Akufo-Addo needs a better finance minister – Dr Kofi Amoah

Investors lose patience over high debt burden

Our dear nation Ghana is broke, Dr Kofi Amoah

Business mogul and philanthropist, Dr. Kofi Amoah has suggested that President Nana Addo Dankwa Akufo-Addo needs a better finance minister to manage the economy.

In a tweet expressing his opinion over a Bloomberg report spelling out a grim outlook for Ghana’s economy with regards to the country’s inability to service its huge debts, Dr Kofi Amoah said a time reckoning was upon the country.

He further intimated that Ghana’s lenders on the international capital and bond markets were poised to give up over the country’s 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,” Citizen Kofi wrote.

“We must jettison the borrow for freebie development without jobs. Create jobs for the youth,” he added.

Meanwhile, a January 13, 2022 report by Bloomberg described Ghana’s debt situation as moving into distress as investors were losing patience over the country’s huge debt.

The report said, “the West African nation’s [Ghana] dollar bonds have slumped 10% in 10 days, moving deeper into distressed territory as investors judge that re-financing debt in the Eurobond market won’t be an option when the Federal Reserve hikes rates and budget targets remain elusive.”

Meanwhile, Ghana’s public debt stock stands at US$341.8 billion as at September 2021 – a situation which many market watchers and economists have expressed concern over.

In addition, the country is facing the risk of investor sell-offs for bonds in the international capital market.