The Director of the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has urged Parliament to be cautious in approving new loans for the government of Ghana. 

According to the Economist, the country’s debt levels are high and should be a cause for concern for all involved. 

Speaking on Joy FM’s Top Story on Tuesday, the Economist asked Parliament to demand details on loan agreements before approving same. 

Even though he did not ask for an outright ban on loans in the current economic downturn, Prof Quartey said new loans must increase productivity. 

“So let’s begin the discussion. I am not saying we should not approve any loan at all. But we must be careful of the type of loan we are approving, what is it going to be used for? Is it going to increase productivity? Is it going to generate enough resources to repay? What are we using it for? I think we need more details and better particulars before we approve such loans,” he told Evans Mensah. 

Parliament has approved a total of $710 million in five loan agreements in an emergency sitting Tuesday. 

This was despite opposition by the Minority, the Majority side with its full 137 members voting for and approving the facilities for expense by the executive.

The lawmakers were recalled from recess by the Speaker on Thursday, April 20 for an “urgent parliamentary business”.

Parliament proceeded on recess on Friday, March 31 and was expected to reassemble in July but was recalled to approve these new loans.