The former Minister of Finance, Seth Terkper has accused the New Patriotic Party (NPP) of contradicting themselves when it accused the Mahama administration of excessive borrowing.
The Finance Minister in an in interview with an Accra-based radio station was wondering why the Akufo-Addo government is borrowing when the party accused the Mahama government of excessive borrowing.
“We were told there wouldn’t be any borrowing at all. We were made to understand there was going to be some magic wand. How come we are borrowing in the first place” he said.
The previous government left a debt stock of GH127.2 billion even though it inherited a GH9.4 billion debt stock. This was contained in the economic and financial data released by the Central Bank at the end of its Monetary Policy Committee meeting.
However by May 2017, the debt stock had increased to GH137.2 billion which is 67.5 of Ghana’s debt-to-GDP debt stock.
The current government continues its borrowing spree as it has raised 17.4 billion in bonds for the third-quarter of this year.
Source: Maryan Abena Oteng/hbtvghana.com