He chastised the government's management of the economy citing the country's rising public debt stock as a situation that can take Ghana back to being a Highly Indebted Poor Country (HIPC).

He said the International Monetary Fund (IMF) forecast Ghana's current rate of borrowing and debt at 76.7 percent debt to GDP ratio.

According to him, "Contrary to the impression created by Nana Akufo-Addo that he inherited nothing from me and that he inherited a mess, I left him revenue from two new oil fields - the TEN field and ENI Sankofa fields.

Finance Minister, Ken Ofori-Atta
Finance Minister, Ken Ofori-Atta

"I left him with $270 million in the Ghana Infrastructure Investment Fund. I left him with more than $207 million in the Stabilisation Fund and about $300 million in the Sinking Fund with which the final payment of the Kufuor euro bond was paid on maturity in 2017."

READ MORE: Ghana's debt hits pre-HIPC stage- IMF

He made this known at the La Palm Royal Beach Hotel on Monday, 26 October 2020 where he engaged professionals ahead of the December 7 polls and said "As for the 2020 growth, the economy that was sold to us as resilient and capable of withstanding shocks for at least three months without any external intervention could not stay afloat without IMF support for more than three weeks.

"Even worse, the rate of borrowing by this government has dazed many observers.

"The IMF in its Sub-Saharan African Regional Economic Outlook forecast the current rate of borrowing and debt at a frightening 76.7% debt to GDP ratio.

"Ladies and gentlemen, unfortunately, Ghana is back to HIPC status under Nana Akufo-Addo and Ken Ofori-Atta administration."

Ghana's government debt has increased as it spends more than planned.

Ghana's total public debt stock jumped by 1.66 percent to hit GH¢263. 1 billion ($46.3bn) in July 2020, according to the latest Summary of Macroeconomic and Financial Data.

This represents about 68.3 percent of the country's Gross Domestic Product and is gradually nearing the dreaded 70% of GDP.

About HIPC

The World Bank, the International Monetary Fund (IMF) and other multilateral, bilateral and commercial creditors began the HIPC Initiative in 1996.

The program was designed to ensure that the poorest countries in the world are not overwhelmed by unmanageable or unsustainable debt burdens. It reduces the debt of countries meeting strict criteria.

The following countries have qualified for debt-relief under the HIPC Initiative.