{"id":1262271,"date":"2022-12-06T20:06:36","date_gmt":"2022-12-06T20:06:36","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/06\/govt-might-have-over-borrowed-john-kumah-admits\/"},"modified":"2022-12-06T20:06:36","modified_gmt":"2022-12-06T20:06:36","slug":"govt-might-have-over-borrowed-john-kumah-admits","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/06\/govt-might-have-over-borrowed-john-kumah-admits\/","title":{"rendered":"Govt might have over-borrowed \u2013 John Kumah admits"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"522\" class=\"entry-thumb\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/04\/4FD9E818-24D8-4A28-988C-C8B406C32B70-696x522.jpeg\"   alt=\"\" title=\"John Kumah\"\/><figcaption class=\"wp-caption-text\">John Kumah<\/figcaption><\/figure>\n<\/div>\n<p>The Deputy Finance Minister, Dr John Kumah, has conceded that government might have over-borrowed in its quest to transform the economic fortunes of the country.<\/p>\n<p>According to him, it is not wrong for a nation to accrue debt in its developmental journey, however, borrowing must be done judiciously.<\/p>\n<p>When asked on\u00a0<strong>Joy FM\u2019s Super Morning Show\u00a0<\/strong>to give an example of a flawed initiative of the government<strong>,\u00a0<\/strong>Dr Kumah said, \u201cMaybe the levels of borrowing have been too much and that could be one of the areas.<\/p>\n<p>\u201cMaybe we should have looked at more alternatives at financing our various programmes but of course, every nation is built on debt, it is what you do with it and what happens [that matters],\u201d he said on Monday.<\/p>\n<p>In government\u2019s defence, the Deputy Finance Minister said the borrowing was done in the interest of Ghana until Covid-19 sent all plans downhill.<\/p>\n<p>\u201cI know we are where we are because, if you borrowed in 2017, 2018 and 2019, $3 billion of investment each year and you were expecting the returns after 2020 and Covid-19 struck, and brought your economy to almost zero, it means that you are already in a very difficult situation.<\/p>\n<p>\u201cSo this is the reality of what happened, it\u2019s not like we borrowed and did things that didn\u2019t benefit the country,\u201d he said on Wednesday.<\/p>\n<p>Ghana is currently experiencing a debt distress. This has forced the country to launch a Domestic Debt Exchange programme as a solution to the current economic woes, while it pursues a lifeline support from the IMF.<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"YqL0cGyhnFo\"><iframe loading=\"lazy\" title=\"Sim Card Deactivation: Some residents queue as early as 5am to get concerns addressed (06-12-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/YqL0cGyhnFo?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>John Kumah The Deputy Finance Minister, Dr John Kumah, has conceded that government might have over-borrowed in its quest to transform the economic fortunes of the country. According to him, it is not wrong for a nation to accrue debt in its developmental journey, however, borrowing must be done judiciously. When asked on\u00a0Joy FM\u2019s Super [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1071231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[],"class_list":["post-1262271","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1262271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1262271"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1262271\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1262271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1262271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1262271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}