The Deputy Ranking Member on the Communications Committee of Parliament, Sam George has criticised the government for suspending interest payments on selected external debts as part of efforts to bring Ghana's debts to a sustainable level so as to secure an International Monetary Fund (IMF) deal.
The Finance Ministry on Monday announced that it was suspending external debt payments towards getting a deal with the IMF as part of government's debt restructuring efforts.
But reacting to the development in an interview with JoyNews’ Kweku Asante, the Ningo Prampram MP said the development is worrying.
According to him, Ghana's image internationally will be battered by the latest decision by government to suspend payments on international debts.
“It is a sad development and we are disappointed in the management of the economy…it is a situation we find ourselves in right now, where government’s poor economic management has led us to where we are now. It means that we have no credibility in the international market.
“Normally, you go to the IMF for policy credibility, you have just announced a Staff Level Agreement (SLA) with the IMF and then you are defaulting on your external debt.”
According to him, the announcement to suspend external debt interest payments is late, adding that government has already been defaulting on some loan agreements since October.
He also warned that just as local stakeholders have rejected the domestic debt restructuring, external lenders will do the same and may fight to take over Ghana's properties outside the country.
Latest Stories
-
Will Ghana’s democracy stand the test of time in the 2024 elections?
2 hours -
Hindsight: Dreams fairytale run proved one thing; it is possible
4 hours -
God makes rulers, not you; you can’t choose your successor – Mahama to Akufo-Addo
4 hours -
Contributors own SSNIT, they must decide who becomes its Director-General – Austin Gamey
5 hours -
Move away from theory-based learning towards practical learning approaches – AUCC President to students
5 hours -
Haaland scores as Manchester City beat Nottingham Forest
7 hours -
Villas-Boas elected Porto president
7 hours -
Situation on frontline has worsened, Ukraine army chief says
7 hours -
US doctor describes witnessing starvation in northern Gaza
7 hours -
CAFCC: RS Berkane make final after USM Alger refused to play 2nd leg over Moroccans’ jersey
7 hours -
Elon Musk in China to discuss enabling full self driving
7 hours -
PSG clinch Ligue 1 title after Lyon’s win over Monaco
9 hours -
Guinness Ghana sets the pace at Ghana Beverage Awards with six awards
10 hours -
Burkina Faso suspends BBC, VOA radio broadcasts over killings coverage
10 hours -
Nicole Kidman honoured with AFI Life Achievement Award
10 hours