"The economy is in tailspin," Mr Pratt said on Radio Gold's Alhaji and Alhaji on Saturday. "And if the current situation persist, we are in deep deep trouble."
He said the current happenings in the energy sector should be concern to all Ghanaians, predicting a massive power crisis in the coming days.
"We are producing power but we can't pay. The level of indebtedness is so huge," he stressed.
He said the implementation of International Monetary Funds (IMF) policies by successive governments under the fourth republic has contributed to the deterioration of the Ghanaian economy.
According to him, the rhetoric of the then opposition New Patriotic Party had suggested they were going to shift control of the economy from the IMF "prescriptions."
He, however, observed that, nothing significant happened since Nana Akufo-Addo won power.