- President Akufo-Addo said Ghana will not stop borrowing because even America borrows
- He said the country needs to borrow as much as possible to create more projects as “assets” to pay back the loans
- Akufo-Addo’s said Ghana will continue to borrow money and use it “properly”
Ghanaians would not see the Akufo-Addo government reducing the public debt anytime soon because the president has said Ghana will not stop borrowing
Akufo-Addo, before being sworn in as president in 2017, spoke extensively of cutting down Ghana’s borrowing rate and also debt when elected president.
This was his mantra on every campaign trail leading to his ‘Ghana beyond aid’ agenda, after he became president.
However, the president has said his government will keep borrowing money to put up projects he described as “assets” to pay back those loans, according to a Citnewsroom report sighted by YEN.com.gh.
He reportedly added that every country borrows money for projects and Ghana would not be an exception.
“We will borrow money; everybody borrows money. The United States of America is one of the biggest debtors in the world. So borrowing money is not necessarily a betrayal of the concept of independence.”
“The key for us in borrowing money is that we borrow money to create assets that will allow us to pay the money back. That is the key…If we borrow the money and use it properly it is an asset for us in expanding our economy and infrastructure,” Akufo-Addo was quoted as saying.
The president was speaking at an entrepreneurship forum in Nigeria on Thursday, October 25, 2018, organised by the Tony Elumelo Foundation.
His remark was in response to a question from one of the participants who queried him on why he goes for loans from China despite trumpeting the ‘Ghana Beyond Aid’ mantra.
“Borrowing money is not aid. What President Xi Jinping offered is a $60 billion fund which African countries can access, not as aid but as loans. If you can produce a project that the Chinese think is worth supporting, you can have access to that money, but you have to pay it back,” President Akufo-Addo also said.
President Nana Akufo-Addo and his Vice President, Dr. Mahamudu Bawumia, while in opposition, criticized the erstwhile Mahama government for what they called “excessive borrowing”.
But it seems the Akufo-Addo government is also on the same track as the former president.
Meanwhile, Ghana’s total debt has hit GHS159.4bn, according to a report by the Bank of Ghana.
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Source: Yen News