The Minority National Democratic Congress in Parliament has likened the “excessive borrowing” of the Akufo-Addo-led government to an “epidemic”, and yet the government in Minority’s assessment has nothing to show for it.
The New Patriotic Party government is said to have added at least 80 billion cedis to the national debt within 27 months in office.
The Bank of Ghana in May said the stock of public debt rose to 57.5 percent of GDP, that is GH¢198 billion at the end of March 2019.
Ranking Member on the Finance Committee, Cassiel Ato Forson told journalists at a media briefing on Thursday that the GHS 80 billion added to the national debt does not include new borrowings of $750 million of commercial loans earmarked for this year; GNPC new borrowings of $200 million; the Governments request for GETFund to borrow $1.5 billion.
“What an epidemic of borrowings! It is obvious, that contrary to the lofty talk. President Akufo-Addo and his government lacks the capacity to keep to their promise of not borrowing, they have no new or exceptional economic management ability beyond the empty talk and are mortgaging the destiny of our future generations to reckless borrowing decisions,” Ato Forson said.
Ato Forson who is a former Deputy Finance Minister says the current public debt has exposed government’s touted fiscal deficit achievement, calling it cosmetic.
The president has therefore been asked to render a detailed account of how all the funds received under his administration were disbursed.
“Mr. President please show us the utilization of the 37.4 billion US dollars (21.4 billion revenues and 16 billion borrowed funds) for your 27 months in office,” he demanded.