‘The time of reckoning is upon our land’ – Dr. Kofi Amoah on Ghana’s economy

Business mogul, Dr Kofi Amoah, has reacted to a report spelling out a grim outlook for Ghana’s economy with regards to the country’s inability to service its huge debts.

In a January 13, 2022 report by Bloomberg, it described Ghana’s debt situation as moving into distress as investors were losing patience over the country’s bond sale.

The report said, “the West African nation’s [Ghana’s] dollar bonds have slumped 10% in 10 days, moving deeper into distressed territory as investors judge that re-financing debt in the Eurobond market won’t be an option when the Federal Reserve hikes rates and budget targets remain elusive.”

Reacting to the development in a tweet, Dr. Kofi Amoah intimated that Ghana was on the brink of reckoning as its lenders were poised to give up on the international capital market.

He also suggested that President Nana Addo Dankwa Akufo-Addo needed a better finance minister to manage the affairs of the Ghanaian economy and one that would create more jobs for the youth.

“The time of reckoning is upon our land…our dear nation is broke and her lenders are throwing in the towel. President Akufo Addo needs a better finance minister,” Citizen Kofi wrote.

“We must jettison the borrow for freebie development without jobs create jobs for the youth,” he added.

Meanwhile, Ghana’s public debt stock stands at US$341.8 billion as at September 2021.

In addition, the country is facing the risk of investor sell-offs for bonds in the international market.