Minority in Parliament Criticizes Government for Excessive Borrowing

The Minority in Parliament has criticized the government for excessive borrowing. This follows the Finance Ministry requesting Parliament's 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 around 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 the government regarding Ghana's debt situation as worrying. He added that the government's approach does not demonstrate its commitment to taking Ghana out of the current debt distress. He further cautioned the government to halt the borrowing as it could bring the economy to its knees.