The Minority National Democratic Congress (NDC) in Parliament has dared government to produce a list of all loans contracted by the previous government that it claims it is servicing.
Information Minister, Kwadwo Oppong Nkrumah, in rebuttal to an earlier statement by the Minority had indicated the public debt has shot up because of loans contracted by the NDC administration that the current government is disbursing.
“We challenge him to produce a list of all such loans and show clearly how much has been disbursed.”
Ranking member on the Finance Committee, Cassiel Ato Forson, who addressed a Minority press conference in Parliament argued government’s claim that monies it has borrowed in the past two years have been used to pay debt left by the NDC is most misleading and ridiculous.
According to him, monies borrowed to replace shorter-dated maturing debt do not have any impact on the public debt figure and stressed government’s claim is intended to deliberately throw dust into the eyes of the unsuspecting public.
The GH¢80 billion added to the public debt by President Akufo-Addo, he said, represents only new debt and does not include monies borrowed to refinance maturing debt.
“President Akufo-Addo must therefore refrain from using this as an excuse as it is completely untenable,” he said.
The President, he said, has not been able to keep his word in opposition not to borrow and has also failed to prudently utilize the heavy borrowing in a manner that is sustainable and can add value to the economy.
He accused Government of pumping the expensively borrowed funds in unsustainable consumption expenditure with little or no bearing on the rapid development of the country.
He said, “This lack of tangible outcomes has influenced the adoption of a deceptive narrative to explain away the poor performance.”
Ato Forson urged President Akufo-Addo to be candid with Ghanaians in the management of the economy and admit his borrowing policy has pushed Ghana into unsustainable debt that future generations will struggle to pay.
“We demand an immediate publication of all expenditure undertaken with the borrowed funds and all the resources received by President Akufo-addo.”
“Sophistry, propaganda and lack of candor cannot explain the fact President Akufo-Addo has had the most resources and yet has the least to show of all the Presidents of the fourth republic.”