Felix Kwakye Ofosu has laid the blame for Ghana’s current economic crisis on the unchecked borrowing practices of the previous administration.

Speaking on Key Points on TV3 monitored by MyNewsGh, he criticized the lack of foresight in managing the nation’s debt.

“The previous government was too happy to borrow but couldn’t pay,” the Spokesperson for President John Dramani Mahama and Minister-designate for Government Communications stated.

He pointed out that institutions involved in facilitating these loans profited greatly while leaving the nation burdened with unsustainable repayment obligations.

He elaborated on the severity of the issue, saying, “In the first two months of this year alone, we have to cover substantial payments, borrowing even to meet these obligations. If we default, it will spell disaster for the economy.”

The Minister-designate highlighted the pressure on the Finance Ministry, revealing that debt servicing for the coming year will exceed most of Ghana’s budget.

“Every move must be strategic to prevent further economic damage,” he emphasized.

Felix Kwakye Ofosu concluded by calling for skilled management and collaboration to address the challenges ahead.

“Our economy requires strategic measures to ensure survival. No single individual can shoulder the responsibility alone, and we need all hands on deck to turn this situation around.”