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Thursday, May 19, 2022

Borrow wisely – NDC tells Akufo-Addo government

Member of the Finance Committee in Parliament, Dr. Cassiel Ato ForsonMember of the Finance Committee in Parliament, Dr. Cassiel Ato Forson

• The NDC has asked the governing New Patriotic Party to be measured with the rate at which they borrow from the Western world

• They opined that the public debt is piling up and if care is not taken, the future generations will be burdened

• The NDC made this claim at the Policy dialogue on the economy programme held in Accra on Monday

The opposition National Democratic Congress (NDC) has charged the Akufo-Addo-led government to stop excessive borrowing from the Western world.

According to a member of the Finance Committee in Parliament, Dr. Cassiel Ato Forson, if government is not guided in their borrowing, the next generation would be burdened with public debt.

Speaking at the Policy dialogue on the economy held in Accra on Monday, Dr. Cassiel Ato Forson said the Akufo-Addo government should invest in infrastructure and other beneficial projects.

He averred that, “Everyone borrows but please when you borrow, borrow smartly. Borrow not for chop chop but pay for things that can repay for itself. Even advanced countries borrow. When they borrow, they build infrastructure. They do things that can repay itself. They don’t borrow for chop chop and it is important we make that point.”

“What the NPP is seeking to do now is to actually give all of us, our kids, our generations a burden of carrying a public debt. A debt that when we are not careful, we cannot pay,” he added.

Latest figures released by the Bank of Ghana show that the country’s total public debt stock has increased again.

Ghana’s debt stock reached GH¢304.6 billion at the end of the first quarter of 2021.

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