Defence Minister Dr. Edward Omane Boamah has assured Ghanaians that the government is working swiftly to reverse the economic downturn attributed to the actions of the previous administration.

In a Facebook post on Friday, February 21, Dr. Boamah criticised the New Patriotic Party (NPP) government for what he described as reckless borrowing, which, he said, had plunged the nation into a severe debt crisis.

Describing the situation as a “momentous messy national debt,” he warned that the consequences of such fiscal irresponsibility could weigh heavily on future generations.

His comments came after President John Dramani Mahama’s first Cabinet meeting on Thursday, where the state of the economy was a central focus.

Reflecting on the country’s economic challenges, Dr. Boamah highlighted the significance of Ghana’s democratic resilience but noted that the financial situation was dire. “It is regrettable that a 'We Told You So Moment' is manifesting,” he remarked.

He also pointed out that the true extent of the crisis goes beyond reported debt figures, drawing on economist N. Gregory Mankiw’s concept of “uncounted liabilities” to emphasize hidden financial burdens.

Dr. Boamah recalled his earlier warnings about the dangers of excessive borrowing, issued well before the onset of the COVID-19 pandemic. “Like many others, I knew the signs of economic gloom and doom were on the wall,” he stated, lamenting that poor financial management had severely impacted investments, including the savings of pensioners and the middle class.

In a satirical jab at the growing national debt, he quoted comedian George Carlin, saying, “I think we ought to just go ahead and make 'zillion' a real number.”

During the recent Cabinet meeting, the Finance Minister reportedly laid out the full scope of the economic decline, reinforcing the need for immediate action.

Dr. Boamah reassured citizens of the government’s determination to restore economic stability. “We are fixing the economic mess the NPP created,” he affirmed, pledging decisive measures to bring much-needed relief to Ghanaians.