Chief Executive Officer of Dalex Finance, Joe Jackson, has attributed Ghana’s 2022 economic crisis to excessive borrowing and unsustainable public debt.

He urged the John Mahama-led National Democratic Congress (NDC) government to maintain strict fiscal discipline to avoid a repeat of the crisis.

The economic expert said the country’s debt burden had become unsustainable at the time, with government revenues barely sufficient to pay salaries and service interest on existing loans.

Speaking on Accra-based TV3 on Thursday, July 23, ahead of the presentation of the 2026 Mid-Year Budget Review, Mr Jackson said controlling public debt should remain a top priority for the government.

“The crash of 2022 occurred because we were overborrowed. The crash of 2022 occurred because our revenue would barely pay salaries and pay the interest on our debt,” he said.

Mr Jackson further proposed that borrowing thresholds be entrenched in the Constitution, similar to practices in some countries where governments require legislative approval before exceeding prescribed debt limits.

“One of the first things we must do to create resilience is to make sure we don’t borrow too much… Those limits must be written into the Constitution,” said the economic expert.

The financial analyst also cautioned against excessive government spending, arguing that while overborrowing triggered the 2022 crisis, continued expenditure beyond available resources worsened the situation.

He stressed that sustained fiscal responsibility in both borrowing and spending would be critical to preserving Ghana’s economic stability and preventing a recurrence of the crisis.