Former Deputy Minister for Finance, George Kweku Ricketts-Hagan, contends that Ghana's excessive dependence on external borrowing compelled the country to seek a bailout from the International Monetary Fund (IMF).

Mr. Ricketts-Hagan attributes the need for the bailout to Ghana's failure to meet its debt obligations.

He points out that Ghana has significant outstanding debts, including $2 billion to the Paris Club, $3.8 billion to the Chinese government, $3.8 billion to Non-Paris Club members, $8.8 billion to the IMF, and $14.9 billion to the Eurobond market.

“This accumulation of debt positions Ghana as the leading borrower in Africa.

“We went to the IMF because we were not able to service our external and domestic debts,” he stressed.

Mr. Ricketts-Hagan pointed out that Ghana's external debt stands at $31 billion, approximately equivalent to GHS 377 billion.

Despite implementing a domestic debt exchange program, he expressed concern that the weight of these debts continues to significantly impact the government.

During an interview on the Ghana Yensom Morning Show with Odeyeeba Kofi Essuman on Accra 100.5 FM on Friday, November 24, 2023, Mr. Ricketts-Hagan attributed the government's return to the IMF to its insatiable appetite for borrowing.

He argued that if the government had not engaged in reckless borrowing, there would have been no need to seek another IMF deal, especially after exiting an IMF program in 2018.