Home News Minority Claims On Public Debt Stock Is False – Gov’t

Minority Claims On Public Debt Stock Is False – Gov’t

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Government has described as false claims by the Minority in Parliament that the Akufo-Addo government has, within two years, borrowed GH¢80 billion.

Expressing surprise at why the NDC has shifted from its previous position of rejecting calls for an account of borrowings, Information Minister Kojo Oppong Nkrumah said the Outrageous claims by the minority were part of the opposition party’s regular attempts to scare Ghanaians with falsehoods.

“President Mahama in his days was the one who admonished the opposition not to request for an account of borrowings because it suggests their MPs were sleeping in parliament when they approved the specific loans. What has changed now for which reason the NDC under his leadership now asks for accounts?

Mr Nkrumah further explained that a change in the nominal debt stock does not mean the government has borrowed new loans. “It is also amazing to hear people who understand national accounting to suggest that a change in the nominal debt stock means President Akufo-Addo has taken new loans of 80billion Cedis. As always the very persons making the claims know the first addition to our debt stock is the current disbursements of loans contracted under their tenure.

The ongoing disbursements of loans for the Eastern University and Tema Mpakadan railway just to mention a few all contribute to the 80billion change in our nominal debt stock. How can anybody know this and make a claim that Akufo-Addo’s government has added 80billion to our debt stock?” he quizzed.

Mr Nkrumah explained that the administration was capped at not exceeding 500m dollars in new project loans in 2017 and 2018 under the IMF program and has abided by that. In 2019 the administration is further capped at not exceeding 750m dollars in new project loans and again intends to abide by it.

While advising Ghanaians to dismiss the NDCs usual scare propaganda on the economy Mr Nkrumah argues that the evidence of the improved debt situation lies in the fact that even including the financial sector bailout, the debt-GDP ratio which measures debt sustainability remains at 56% thus negating the NDCs claims of ballooning debt.

He cautioned the Minority once again to desist from putting out false claims about the Ghanaian economy.

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