Mona Quartey, former Deputy Minister of Finance has indicated that the country is in debt crisis.
Speaking to ABC News Ghana, Quartey highlighted the urgency of addressing the country’s financial challenges.
“Ghana is in a debt crisis, as we speak.”
“So we will have to carefully manage that situation. Make it sustainable to be able to enter the capital market,” she warned.
Her remarks highlights the gravity of Ghana’s fiscal predicament and the need for strategic measures to restore economic stability.
Quartey’s comments come amid the opposition National Democratic Congress’s (NDC) plans to overhaul the tax system.
The party in its manifesto has promised to abolish up to five taxes within their first 120 days in power, an ambitious move that could strain the nation’s finances further.
“We will go back into the domestic market to bring back credibility,” Quartey explained, outlining the NDC’s strategy to regain economic trust and avoid additional borrowing.
In conjunction with their manifesto launch on August 24, 2024, Quartey emphasized that the NDC’s approach is more than mere promises. “NDC’s manifesto launch is not all about promises; it’s about action plans that will be taken when NDC comes into government,” she said.
According to her a forensic audit will be conducted to identify and address the underlying economic issues, as the party seeks to implement practical solutions to the country’s financial woes.
