Ken Ofori-Atta became a ‘loan addict’; he failed Ghana

Atik Mohammed has criticized the previous Finance Minister, Ken Ofori-Atta, blaming him for Ghana’s indebtedness.

According to him, the ex-Finance Minister failed to help Ghana as he solely relished the concept of borrowing to the extent that the nation exceeded its borrowing restrict.

He added that as a consequence of Mr. Ofori-Atta’s borrowing tradition, Ghana could not repay its loans, resulting in the haircuts.

“I keep saying that Ken Ofori-Atta didn’t help Ghana. He collected the monies; at a point, he became a loan addict,” he stated on Peace FM’s “Kokrokoo” present.

Regarding the federal government’s debt restructuring program, Atik acknowledged, “We should not be excited that we have to go for a relief arrangement with our official creditors because we could have avoided this.”

“What saddens me is that the person who plunged us into such a ditch, upon seeing the difficulties, left his job to become an international Finance Minister. I really would have expected that he would stay on and clean his own mess,” he scolded Mr. Ofori-Atta.

Ghana has reached an settlement in precept with two bondholder teams to restructure some $13 billion of worldwide debt, a negotiating group, marking a key step within the nation’s financial restoration underneath an International Monetary Fund (IMF) mortgage deal.

The settlement, which is able to see Eurobond holders take a haircut of 37 % or $4.7 billion along with delayed repayments, represents the third and last step within the nation’s exterior debt restructuring negotiations.

Atik, regardless of berating the previous Minister for his borrowing character, expressed his pleasure that “finally, the negotiations have paid off.”