The vice president, Dr Mahamudu Bawumia, in 2017 told Ghanaians that the country was going to still borrow money but in a more “responsible” way.
Speaking at Ghana National Policy Summit, Dr Bawumia had this to say: “A lot of people misunderstand when we say we are going to be responsible, it doesn’t mean that we are not going to borrow money, it only means that we are going to borrow responsibly and not recklessly.”
According to the Bank of Ghana’s latest figures on public debt, the country’s debt stock stood at GHS332.4 billion as of the end of May 2021.
Read the full story originally published on August 16, 2017, on Ghanaweb
Despite Ghana’s debt stock hitting over 100 billion cedis, the vice president maintains that borrowing for more funds will help transform Ghana’s economy.
According to Bawumia, his administration is doing everything possible to ensure that all funds borrowed will be put to good use and thus managed responsibly.
“A lot of people misunderstand when we say we are going to be responsible, it doesn’t mean that we are not going to borrow money, it only means that we are going to borrow responsibly and not recklessly,” he revealed at the just ended Ghana National Policy Summit.
So far, Ghana’s total public debt stock has risen sharply from 127.8 billion cedis to 137.2 billion cedis within the span of three months – a development which is bound to throw the economy into HIPC (Highly Indebted and Poor Country) should debt levels rise to 70 percent of GDP.