A former minister, Prof. Kwesi Botchwey, noted that Ghana had borrowed too much to go back to the International Monetary Fund for funding.

He said: "We are in the crisis…We are unable to pay our bills, we are imposing hardship even on the vulnerable, contractors go unpaid, arrears are piling up and we have borrowed so much money that servicing it is going to create a huge problem, especially for younger generations."

Read the full story originally published on March 7, 2022 by GhanaWeb

Ghana is in crisis, Former Finance Minister

Ghana's arrears piling up, Prof Botchwey

Raising revenue domestically a challenge, Prof Botchwey

Former Finance Minister, Dr Kwesi Botchwey, has said government can't return to the International Monetary Fund (IMF) for financial assistance.

According to him, Ghana has borrowed so much money from IMF and government's arrears keep piling up.

He furthered that generating revenue domestically will be a challenge for government.

Dr Kwesi Botchwey indicated that Ghana currently is in crisis and it's about time government realizes the problem and faces it squarely.

He pointed out that road contractors have not been paid their due, arrears keep piling up among other bills that government cannot settle.

Speaking at the Independence Day lecture in Accra on Monday, March 7, 2022, the former finance minister accused government of imposing more hardship on already burdened Ghanaians.

"We are in the crisis…We are unable to pay our bills, we are imposing hardship even on the vulnerable, contractors go unpaid, arrears are piling up and we have borrowed so much money that servicing it is going to create a huge problem, especially for younger generations," he said.

"In any case, you have borrowed so much that we can’t go to that market anymore and even raising the revenue domestically is going to be a problem," Kwesi Botchwey stated.