Former President John Mahama has criticized the ruling New Patriotic Party (NPP) government for its mismanagement of the country’s economy, highlighting excessive borrowing as a key factor contributing to the nation’s financial challenges.

Speaking to a gathering of party supporters at Kasoa and Bawjiase in the Awutu- Senya East and West Constituencies of the Central Region, the flagbearer of the National Democratic Congress (NDC) expressed astonishment at the economic ineptitude of the NPP.

He asserted that the current government’s economic mismanagement has resulted in widespread economic hardship and financial strain on the populace.

The former president said the prices of essential commodities such as Kenkey, a traditional Ghanaian delicacy, cement and fuel have surged, exacerbated by the ruling government’s incompetence in managing the exchange rate.

He pointed out that a unit of Kenkey, which previously cost GH₵1.00 during the NDC administration, now commands GH₵5.00 under the NPP regime.

In a similar vein, he highlighted the recent outcry of Dr Michael Agyekum Addo, the Chief Executive Officer of Mikado [KAMA], who disclosed his financial struggles due to the government’s debt restructuring programme ultimately leading to his untimely demise.

That, among others, he said, was a poignant example of symbolising the overarching challenges faced by numerous Ghanaians under the current administration.

“Before then, the man had come out to speak about the debt exchange programme which only became necessary due to the government’s reckless borrowing.

“The man said his life savings had been affected by the exchange and the man was crying on TV that he was going through hardship and just last week he died,” Mr Mahama said.

On borrowing, he said the government had borrowed about $11.5 billion of the total Eurobond debt, which had contributed to the present economic crisis and the hardship of individuals and businesses.

“NPP has managed to destroy the national economy, and one of the ways they did it was by over borrowing.

“We realised that the reason they were able to do that is because there is no transparency in our debt management regime,” Mr Mahama said.

Additionally, he reiterated his much touted ‘24-hour economy’ initiative as a transformative policy that would significantly enhance the economic prospects of the nation.

“The concept of a 24-hour economy stands as a pivotal strategy to drive substantial economic growth, elevate productivity levels, address market demands, mitigate excessive imports and their adverse impacts on our economy and currency, and most importantly, create lucrative employment opportunities for the multitude of our citizens currently facing unemployment.

“I am heartened by the overwhelmingly positive responses and insights we have been receiving regarding this proposition from various sectors, including organized labour, academia, business, and industry,” he remarked.