Ghana sitting on time bomb – Kofi Akpaloo



Politics of Saturday, 26 December 2015

Source: adomonline.com

Kofi Akpaloo IPPKofi Akpaloo

Kofi Akpaloo is warning of dire consequences if nothing is done about the current economic conditions.

According to him, the insatiable quest for borrowing by the Mahama-led administration could adversely affect the country if not checked.

Mr. Akpaloo who is also the flagbearer of the Independent Peoples Party (IPP) in a statement added that “Ghana’s economic picture is bleak, doesn’t look healthy, the government can only survive on additional borrowing to help pay off interest due next year”.

Below is the full statement

Ghana is sitting on an economic time bomb – IPP

I am not a prophet of doom, but can say if we don’t manage our economy well the worst yet to come may happen. Economic bad news could hit Ghana just in time for Election 2016.

From the Mahama/NDC government own budget, 2016 is going to be a very difficult year; the budget contains no economic stimulus to promote growth and jobs. The worst part is NDC government planned to continue the borrowing spree to finance repayment of debt and interest obligation due next year.

Ghana is at critical juncture, failure to raise an additional GHc9.0billion debt 5.77% of GDP next year, will force the government to default on GHc10.5 billion interest payment obligation an equivalent of 6.6% of GDP. The government has no other option than to borrow to pay debt.

Ghana’s economic picture is bleak, doesn’t look healthy, the government can only survive on additional borrowing to help pay off interest due next year.

Can you say we are safe as a country? I am not sure.

Thanks

Kofi Akpaloo

IPP Presidential Candidate

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