The minority in parliament has said the country is indeed in crisis due to the ailing economy, which has been characterized by unsustainable debt, inflation, and unprecedented credit rating downgrades, among others.

According to Haruna Iddrisu, the economic situation is so bad that Ghana is currently ranked side by side with Sri Lanka, which is considered the worst economy in the world and has defaulted on its debt.

Speaking at a press conference, he said “as is now trite knowledge, the Ghanaian economy has been terribly mismanaged in the last five to six years by the Akufo-Addo/Bawumia administration leading to our request for a 17th IMF program to renew confidence and policy credibility on our failing economy despite haughty initial denials.

“The severely ailing economy has been characterized by unsustainable debt, very high inflation, unprecedented and disastrous depreciation of the cedi, high budget deficits and unprecedented credit rating downgrades.

“The economic situation is so bad that we are currently ranked side by side with Sri Lanka, which is considered the worst economy in the world and has defaulted on its debt.”

Haruna Iddrisu said the combined effect of these grim macro-economic indices has been devastation and disappointment for Ghanaians and households.

NYA/BOG