July 29, 2015

Each Ghanaian owes a debt of ¢3,600 out of the public debt of ¢90 billion that has been contracted by the ruling National Democratic Congress (NDC) government.

According to the Minority in Parliament, this amount does not include the US$1.5 billion or the GHC5.25 billion Eurobond transaction that is expected to close by end of September 2015 as well as the over $300 million amount of loans that was recently approved by parliament.

Reacting to the Finance Minister’s mid-year review and supplementary budget presented to Parliament last week, the Minority Spokesperson in charge of Finance Dr Akoto Osei said government’s increased penchant for loans must stop.

He averred that the government by the rate of borrowing has suppressed the private sector making it complex for them to borrow to develop their businesses to create more jobs for the teeming unemployed youth.

“Sadly it is these unemployed youth who are expected to repay this debt in the future. At Ghana’s current debt each of us the 25 million Ghanaians owes 3,600 cedis.

“The rampant borrowing must stop,” he said.

Dr. Akoto Osei also criticized the Finance Minister Seth Terkper for indicating that substantial amount of monies have accrued from revenues collected when many statutory payments were yet to be effected.

“It is disingenuous to say the least. Of course the numbers will look good if programme payments for the first five months are in arrears of 157million cedis  to SSNIT, 112 million cedis to GETFund; 191 million cedis to DACF. Can the government be truthful to the people of Ghana for once?