Member of Parliament's Finance Committee, Daniel Okyem Aboagye says the amount of GH₵258.8 billion borrowed by the Akufo-Addo-led government as of June 2020 was to clear debts accumulated by the erstwhile John Mahama administration.
Mr. Aboagye criticized the NDC government for falling into an expensive debt and performing poorly during the IMF’s April 2015 report.
"Ghanaians pay GH₵12 billion on excess capacity we don’t need and you come and question us on what we are doing with the money, we are using it to clear your mess,
“So when you see us borrowing, we are borrowing to profile your debt, we borrow cheaper to pay for your expensive debt," he said.
Speaking on JoyNews' PM Express with host, Evan Mensah, Mr. Aboagye who is also the NPP's MP for Bantama Constituency described the management of the economy by the Mahama-led administration and the opposition NDC as poor.
According to him, the NDC could not win the trust of banks hence was made to borrow at higher interest rates, unlike the NPP.
"The NDC borrowed from UBA using the road fund at a rate of 32% when we came to power, we refinanced it into Commercial Bank and Fidelity Bank at a rate of 21%,
"In 2014, the NDC raised funds of a billion dollars at a rate of 8.125%. In 2018, we raised the same money at 7.6%," he said.
According to him, if the NDC had managed the economy well, all borrowed funds would have been used for better projects.
Latest Stories
-
Haaland scores as Manchester City beat Nottingham Forest
13 mins -
Villas-Boas elected Porto president
18 mins -
Situation on frontline has worsened, Ukraine army chief says
25 mins -
US doctor describes witnessing starvation in northern Gaza
30 mins -
CAFCC: RS Berkane make final after USM Alger refused to play 2nd leg over Moroccans’ jersey
32 mins -
Elon Musk in China to discuss enabling full self driving
40 mins -
PSG clinch Ligue 1 title after Lyon’s win over Monaco
3 hours -
Guinness Ghana sets the pace at Ghana Beverage Awards with six awards
3 hours -
Burkina Faso suspends BBC, VOA radio broadcasts over killings coverage
3 hours -
Nicole Kidman honoured with AFI Life Achievement Award
4 hours -
Brassier scores winner for Brest as they edge Rennes to secure European football
4 hours -
Akufo-Addo jabs Ejisu independent candidate; rubbishes allegations to rig by-election
4 hours -
‘What are the real causes of the erratic power outages?’ GUTA asks ECG
4 hours -
Implementing ESG framework in Ghana’s energy sector for sustainability
5 hours -
CAFCC: Dreams FC exit competition after 0-3 defeat in Kumasi
5 hours