Former President of Ghana, John Dramani Mahama, described the current economic situation as the worst the country has ever faced, claiming that "everything is declining under this government."

Addressing the chiefs and residents of the Zebilla constituency, the NDC's 2024 presidential candidate emphasised the need for a swift overhaul of the country's management, suggesting that this could only be achieved by someone with substantial experience.

"“Eighty percent of Ghanaians say Ghana is going in the wrong direction. The time has come to change course and send NPP packing. It is time for an experienced, safe pair of hands to take over the country and turn our fortunes around,” he stressed.

Things were not perfect under my government, but at least, we were making some progress…we have gone through crises in the past, but I must say that even though we have seen hard times, this time is probably the worst crisis ever experienced.

During the initial phase of his 2024 election campaign, former President John Dramani Mahama highlighted that the ongoing crisis in Ghana extends beyond the economy, affecting nearly all institutions and disproportionately impacting the vulnerable.

He attributed the situation to excessive borrowing and economic mismanagement, which has caused the Cedi to depreciate significantly.

Mahama noted that Ghana's debt has escalated from GH₵120 billion in 2017 to GH₵750 billion in 2024, necessitating domestic debt restructuring and seeking external assistance from the International Monetary Fund (IMF).

“For the first time in our history, this is when we have overborrowed to the extent that we declare to the entire world that we are bankrupt. As I speak today, we are not servicing our debt because we told our creditors that we cannot pay.

“All the 17 times we have been to the IMF, it was just to stabilise the economy, and it was never because we couldn’t afford to pay our debt,” he added.

The NDC flag bearer refuted claims that the struggling economy was a result of COVID-19 and the Russia-Ukraine conflict. He pointed out that the current government received GH₵22 billion from the IMF, the World Bank, and the Stabilisation Fund during the pandemic but failed to manage these funds effectively.

He also criticised the administration for mishandling key traditional industries, which has negatively impacted the country's foreign exchange earnings.

“The last cocoa season before I left office, we produced 967,000 metric tonnes of cocoa for export and it brought $2 billion directly into the economy but today they are producing just slightly above 400,000, so they cannot even raise $800 million to infuse the economy.

“I established two new oil wells (Sankofa and Ten fields) before I left office and so when they came, we had an increase in oil production but today our oil and gas production has declined by 32 percent," he added.

Mr Mahama explained that the current government had damaged every sector of the economy through mismanagement and what he described as “state capture,” where only a few people were benefiting from the national cake and said it was time for a change of hands to save the country from collapse.

The 24-hour economic policy of the NDC, he said, will significantly contribute to reviving the economy and creating jobs for the youth.