NPP Vice-Presidential candidate Dr. Mahamudu Bawumia is comparing the NDC record of borrowing to an alcoholic who believes in ‘smart drinking’ despite repeated warning that the pattern of alcohol intake is deadly.
At the Distinguished Speaker series held at the Central University College in Accra on the theme ‘IMF bailout; Will the anchor hold?”, Bawumia analyzed Ghana’s impending $1bn IMF bail-out and concluded that the Country’s economic situation should send shivers down our spines.
In graphic detail, Bawumia told the audience that Ghana’s debt stock has skyrocketed by 700% in six years.
Breaking it down, the respected economist says Government was borrowing at an average of 116% every year.
It is “really mind-boggling, the frightening rate of accumulation of debt by any standard”, he fears.
But Government has been explaining that it was doing ‘smart borrowing” by investing in infrastructure.
To this, Bawumia retorted that “I shudder to think what not-so-smart borrowing will be like if this is smart borrowing”.
Story by Ghana|Myjoyonline|Edwin [email protected]
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