Excessive borrowing is one of the main causes of the country's financial problems, according to former President John Mahama, who has criticized the ruling New Patriotic Party (NPP) government for its poor economic management. Speaking to a group of party members in the Central Region's Awutu-Senya East and West Constituencies in Kasoa and Bawjiase, the National Democratic Congress (NDC) flagbearer expressed shock at the New Patriotic Party's (NPP) lack of economic competence.

He claimed that the people are suffering from widespread hardship and financial strain as a result of the current government's economic incompetence.

The former president claimed that the incumbent government's inadequate handling of the currency rate was to blame for the sharp increase in the cost of basic goods including cement, fuel, and kenkey, a typical Ghanaian dish.

He pointed out that under the NPP administration, a unit of Kenkey now costs GH¢5.00, but under the NDC administration, it cost GH¢1.00. He also cited recent remarks made by Mikado [KAMA] CEO Dr. Michael Agyekum Addo, who revealed his financial difficulties as a result of the government's debt restructuring effort. Mr. Mahama said that the difficulties that many Ghanaians were facing under the current government were symbolized by Dr. Addo's experience and his eventual death.

"The man had previously addressed the debt exchange program, which was only required as a result of the government's careless borrowing," Mr. Mahama said. He claimed that it had an impact on his life savings, and he sobbed about his struggles on television. He went away only last week. Regarding borrowing, he asserted that the government had taken out almost $11.5 billion of the entire Eurobond debt, which put people and businesses in a difficult financial situation.

Mr. Mahama claimed that the NPP's excessive borrowing was a contributing factor in the destruction of the country's economy. "We came to the realization that our debt management system lacks transparency, which made this possible." He also reaffirmed his "24-hour economy" plan as a game-changing measure meant to improve the country's economic outlook. "The idea of a 24-hour economy is a crucial tactic to stimulate significant economic growth, increase productivity, satisfy consumer wants, lessen excessive imports and their effects on our economy and currency, and—above all—provide job chances for a large number of our unemployed folks.

“I am encouraged by the tremendously positive feedback we are getting from a variety of sectors, including academia, business, industry, and organized labor,” he said.