President Nana Addo Dankwa Akufo-Addo in his first State of the Nation’s address has assured Ghanaians that he would work to fix the numerous difficulties he inherited from the previous government thus the Mahama administration.
The President, on Tuesday said he was elected to solve the numerous ills in the country.
“I will not allow this economy to collapse under my watch. We will reduce significantly the fiscal deficit this year.”
The President who lamented to the chamber that the economy was not in the best of shapes also revealed that the country currently has a debt stock of GHC 122 billion.
“As at the beginning of 2009, Ghana’s total debt stock was GH¢9.5 billion. By the end of 2016, the debt had ballooned to GH¢122 billion. Ghana’s debt stock now stands at 74% of GDP, after all the previous denials to the contrary. In fact, 92% of Ghana’s total debt stock was incurred in the last eight years under the previous government,” he said.
“Ghana’s debt stock now stands at 74% of GDP, after all the previous denials to the contrary. In fact, 92% of Ghana’s total debt stock was incurred in the last eight years under the previous government,” he added.
The mismanagement of the economy, he said was largely as a result of the over-expenditure by the Mahama administration in the election year adding that;
“The interest costs on this debt has also increased and will amount to an estimated GH¢14.1 billion in 2017.”
These problems notwithstanding, the President assured that he was voted for to solve the problems and hence promised that he would not let the country down. “I was elected to get things done, I was elected to fix what is broken and my govt n I are determined to do just that…,” he said.
And solving the problems, Nana Addo said implementing certain tough policies which outcome would create job and bring relieve.[bctt tweet=”Economic mismanagement resulted in Mahama’s over-expenditure – Nana Addo” username=”bjrlivefm”]