Politics

Ghana’s current downgrade by credit rating agencies a ‘borla’ status – Mahama

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Ghana’s current status according credit rating agencies is in its worst form ever, a situation described by the 2024 flag bearer of the National Democratic Congress (NDC) as ‘borla’.

Borla, in the local dialect refers to garbage, the description John Dramani Mahama has given to Ghana’s junk status as given by the credit rating agencies.

Berating the state’s inflationary figures and exchange rate volatility, the former President said this government, has, among other things, defaulted in paying its debt, a situation which has not been experienced for the past five decades.

“Inflation and exchange rate volatility further erode workers’ purchasing power. For the first time in over 50 years we have defaulted in payment of our debt and we’ve been downgraded by credit rating agencies to the lowest level ever experienced, junk, in other words borla status,” he said in his address to the Ghana Trades Union Congress (TUC) during his visit to them as part of his ‘Building Ghana’ tour Tuesday, November 7, 2023.

He added that the hard economic conditions has denied many the ability to afford a three squared meal a day, making them resort to some eating formation for survival.

He noted that the depreciation of the Cedi with its accompanying hyperinflation has made many take one meal instead of three in a day.

The practice is what he likened to a 001, 010 formation whilst speaking on the state of the economy.

The escalating cost of living driven by hyperinflation, a collapsing currency and rising prices of essential items including food has made life unbearable for millions of Ghanaian households who are currently practicing the 001 or 010, or 100, those of you who know it, you know it,” he indicated.

The 010 formation as some Ghanaians are practicing according to Mahama means one has to eat only in the afternoon to cater for the morning and evening. The 001 requires one to stay without food from morning till the evening, with the 100 meaning meal is available only in the mornings.

He noted further that the high cost of living “coupled with a relatively higher unemployment rate particularly amongst the youth, exacerbate the challenges faced by our citizens.”

The TUC during the engagement presented a signed Workers’ Manifesto to John Dramani Mahama.

The Union had welcomed Mahama’s proposed 24-hour economy which is going to be run on three shift systems a day.

According to the TUC, 24-hour economy by the next NDC administration is the game-changer for Ghana.

Explaining his rationale for the proposition, John Dramani Mahama said the purpose for the initiative is to address the unemployment situation of the country.

General Secretary of the TUC, Dr Anthony Yaw Baah, ahead of the former President’s address had lauded the idea saying Ghanaians would love to know more.

“We are also very interested and eager to know more about his great idea of a 24-hour economy,” he indicated.

“I think this one, Comrade, you have to take your time because I can imagine the amount of jobs that this kind of thing will create.

“That could be the game-changer. I am telling you. That you have opportunity in this country to work 24 hours, 3 shifts.

“So, if you don’t get job in the morning, you can get it in the afternoon or in the night,” he noted.

Dr Yaw Baah charged the youth to get ready for jobs with this policy by the NDC ahead of the 2024 elections.

“I think and I mean it, that this is a great idea that was lying somewhere and never discovered and we will be eager to hear a lot more about it.”

John Mahama also promised to inculcate the Workers’ Manifesto into the People’s Manifesto of the NDC.

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