Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia has accused the opposition National Democratic Congress (NDC) of taking the country to HIPC when it was in power.
He noted that under the NDC’s administration they mismanaged the debt levels such that the inflation in the country was on the rise, accompanied with very high exchange rate depreciation and very high interest rate as well as low growth.
“When the NDC was in government, well way before, they took us to HIPC. They had mismanaged the debt levels such that we had very high inflation, very high exchange rate depreciation, very high interest rate and low growth. That was the legacy they left us.”
”By the time we were going towards 2016, the debt levels had increased such that inflation was going up, interest rate was going up, exchange rate depreciation was going up and growth also coming down, and they had to run to the IMF for a bailout. Wasn’t that the case? That was NDC economic management”, he added.
He made this comment while speaking at a TESCON conference held on 7th August 2021 at Cape Coast.