Don’t borrow, focus on Ghana’s natural resources for revenue – IEA’s Kwakye tells Mahama

The Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye has told the president-elect, Mr John Dramani Mahama not to further plunge the country into a deep debt crisis by borrowing.

He suggested to Mr Mahama to focus on Ghana’s natural resources to generate revenue internally for development.

“The President Mahama government must focus on Ghana’s natural resources as the main source of development financing. It must eschew the habit of borrowing to stem Ghana’s recurrent debt crises.” Dr John Kwakye said on his  X page after congratulating Mr John Dramani Mahama for being elected the president in the 2024 general elections.

Dr Kwakye further said that Ghanaians expect Mr Mahama to bring about the needed change.

“Congratulations, President Mahama, for your bold, inspired and hardfought comeback. It is the hope of Ghanaians that you will use the second opportunity and your experience to bring about the necessary change to meet their aspirations through inclusive government,” he said.

Meanwhile, Mr Mahama has accused the outgoing Akufo-Addo administration of plunging Ghana into severe economic challenges.

To that end, Mr Mahama said that it would be tough for his new administration while he seeks to implement governance reforms.

“We should not forget the people of Ghana,” Mahama stated passionately. “We will implement governance reforms. The journey is not going to be easy because the outgoing government has plunged the nation into an abyss.”

Mr Mahama further emphasised the need for unity and collaboration.

“The one we serve is Mother Ghana,” he said.

Meanwhile, President Nana Addo Dankwa Akufo-Addo has formally congratulated Mr Mahama on his decisive victory in the December 7 Presidential Election.

A statement released by the Communications Directorate at the Jubilee House, said President Akufo-Addo expressed his commitment to ensuring a smooth transfer of power.

“President Akufo-Addo expressed his commitment to ensuring a seamless transfer of power on 7th January 2025 and looks forward to working with the President-elect and his team to realise this goal,” Director of Communications, Eugene Arhin wrote.

The President praised the Electoral Commission and the Ghanaian populace for conducting a credible and peaceful election, which he said underscores the strength of the nation’s democratic institutions.

He acknowledged the efforts of all stakeholders, whose dedication ensured a transparent electoral process.

President Akufo-Addo called on all Ghanaians to unite and work together to consolidate democracy and uphold the rule of law.

In a gesture of goodwill and cooperation, President Akufo-Addo has invited President-elect Mahama to Jubilee House on Wednesday, December 11, 2024, to initiate the transition process.

He reaffirmed his commitment to the principles of good governance and a peaceful transition, further strengthening Ghana’s reputation as a democratic beacon in Africa.

The statement concluded with a prayerful appeal for continued blessings upon Ghana, urging citizens to rally behind efforts to make the nation great and strong.

This development marks a historic moment of political unity and demonstrates Ghana’s continued leadership in democratic governance on the African continent.

 

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