{"id":134256,"date":"2023-12-22T17:14:16","date_gmt":"2023-12-22T17:14:16","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/22\/no-government-must-be-allowed-to-borrow-above-70-of-gdp-haruna-iddrisu\/"},"modified":"2023-12-22T17:14:16","modified_gmt":"2023-12-22T17:14:16","slug":"no-government-must-be-allowed-to-borrow-above-70-of-gdp-haruna-iddrisu","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/22\/no-government-must-be-allowed-to-borrow-above-70-of-gdp-haruna-iddrisu\/","title":{"rendered":"No government must be allowed to borrow above 70% of GDP \u2013 Haruna Iddrisu \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Member of\u00a0Parliament\u00a0for Tamale South,\u00a0Haruna Iddrisu, has proposed for cap to be placed on government borrowing beyond 70 percent of Gross Domestic Product (GDP).<\/p>\n<p>He argued that the current economic crisis is due to excessive borrowing by government which has impacted on the country\u2019s debt sustainability levels.<\/p>\n<p>Speaking during a debate in\u00a0Parliament\u00a0on the budget allocation for the Finance Ministry, the Tamale South MP said a cap of 70 percent of GDP will ensure that government is limited on its ability to take on new debt from borrowing.<\/p>\n<p>\u201cThis parliament must sit up and we must sit up to demand a feeling for good for all presidents and governments. I maintain that no president or government should be allowed to borrow beyond 70% of GDP,\u201d he said.<\/p>\n<p>The former Minority Leader in\u00a0Parliament\u00a0also called for a forensic audit into the indebtedness of the Finance Ministry to State Owned Enterprises (SOEs).<\/p>\n<p>\u201cI am asking for a forensic audit as to how much money the Ministry of Finance has held on state-owned agencies, Ghana Gas, ECG, NCA. Those of them who have other holding that the office of the Chief of Staff has taken money away from them. We need to know,\u201d\u00a0Haruna Iddrisu\u00a0advocated.<\/p>\n<p>At the end of 2022, Ghana\u2019s public debt increased from 79.6% in 2021 to over 90% of GDP as debt service-to-revenue also reached 117.6%, according to the World Bank.<\/p>\n<p>The situation forced Ghana to turn to the IMF for a 17th time to restore macroeconomic stability and address high debt sustainability issues which placed the country in a difficult position to honor its debt obligations.<\/p>\n<p><strong>Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Member of\u00a0Parliament\u00a0for Tamale South,\u00a0Haruna Iddrisu, has proposed for cap to be placed on government borrowing beyond 70 percent of Gross Domestic Product (GDP). He argued that the current economic crisis is due to excessive borrowing by government which has impacted on the country\u2019s debt sustainability levels. Speaking during a debate in\u00a0Parliament\u00a0on the budget allocation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":134257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-134256","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>No government must be allowed to borrow above 70% of GDP \u2013 Haruna Iddrisu \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/22\/no-government-must-be-allowed-to-borrow-above-70-of-gdp-haruna-iddrisu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No government must be allowed to borrow above 70% of GDP \u2013 Haruna Iddrisu \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Member of\u00a0Parliament\u00a0for Tamale South,\u00a0Haruna Iddrisu, has proposed for cap to be placed on government borrowing beyond 70 percent of Gross Domestic Product (GDP). 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