Dr. Mahamudu Bawumia has described as low in wooing investors due to the poor management of the economy
Dr. Mahamudu Bawumia, running mate of the New Patriotic Party has given the strongest indication yet that investors are fast losing confidence in Ghana’s economy.
The former Deputy Governor of the Central bank said government has defaulted in the payment of a loan from Standard Bank for a military project.
Speaking at a fund raising program, Dr. Mahamudu Bawumia said this spells doom for the country’s economic growth as our public debts increase to over 60 percent of the nation’s GDP.
Dr Bawumia also added that Ghana’s public debts are reaching unsustainable levels as the nation needs six times its oil revenue to pay interest on loans secured for projects in the country.
More trouble looms for government as various industries and associations complain about the government's poor handling of the economy.
The fast depreciation of the cedi is gradually hurting local businesses. As a result of the depreciation, goods imported into the country have become expensive on the local market.