Economist and Professor of Finance at the University of Ghana, Godfred Bokpin has debunked President Nana Addo Dankwa Akufo Addo’s assertion that his government has been prudent with the country’s finances.
His comment comes after President Nana Addo Dankwa Akufo-Addo said in his State of the Nation Address (SoNA) on Wednesday, March 8 that his government has not been reckless in borrowing.
Although the President says questions that have been asked regarding the debt situation of the country are legitimate, he said there are projects to show for the borrowings that have been done over the period.
He said “Beyond the use of COVID funds, there are legitimate questions being asked about how the country’s debt situation got where it is. Mr Speaker, let me state emphatically that we have not been reckless in borrowing and in spending. It is worth noting that the debts we are servicing were not only contracted during the period of this administration.
“Mr Speaker, we have spent money on things that are urgent, to build roads and bridges and schools, to train our young people and equip them to face a competitive world. Considering the amount of work that still needs to be done on the state of our roads, the bridges that have to be built, considering the number of classrooms that need to be built, the furniture and equipment needs at all stages of education, considering the number of children who should be in school and are not, considering the number of towns and villages that still do not have access to potable water, I daresay no one can suggest we have over borrowed or spent recklessly.
Contrary to President Akufo Addo’s claim that his government has not been reckless in borrowing and spending, Prof Bopkin said that available facts show that the government has been reckless.
He added that for the government of Ghana to be struggling for the first time to get an IMF bailout and for the government to forcefully give a haircut to people’s bonds and investment is indicative of the government’s recklessness.
According to him, it is prudent for the government to humbly accept responsibility for the economic challenges the country is going through.
“The hallmark of good leaders is accepting responsibility and finding solutions to the problems” he opined.
Prof. Bopkin also said the government never wanted to account for the Covid-19 expenditure.
“The fact that it had to take the IMF to compel the government of Ghana to account for the COVID-19 expenditure is a clear indication that it was not ready to be accountable and responsible” he argued.
By Samuel Afriyie Owusu|3news.com| Ghana
