22.9 C
London
Wednesday, July 17, 2024

Why are we still borrowing when we’re begging the world for debt forgiveness? – Minority quizzes

Minority Chief Whip Kwame Governs Agbodza

The Minority in Parliament has criticized the government for excessive borrowing.

This follows the Finance Ministry requesting Parliaments approval of a $250 million loan, indicating that the loan is for the Ghana Financial Stability Project.

Speaking on the floor of Parliament on Wednesday, July 10, Minority Chief Whip Kwame Governs Agbodza stated that he cannot fathom how the government would be requesting Parliament to approve $250 million at a time when it is begging its debtors to postpone repayment of its debts.

“This actually goes to the heart of almost every problem we have currently as a country – overborrowing. When we’ve borrowed up to our neck, and we can’t pay, we are going round the world asking everybody to forgive our loans, yet we are borrowing more.

“We have gone everywhere. China was last week and then on Wednesday morning you are borrowing more. How do you solve your borrowing problem by borrowing more?” he questioned.

He further described the conduct of government regarding Ghana’s debt situation as worrying.

He added that the government approach does not demonstrate its commitment to taking Ghana out of the current debt distress.

Furthermore, he cautioned the government to halt the borrowing as it could bring the economy to its knees.

MORE:

Latest news
Related news