NPP borrowed to clear NDC’s debt – Bantama MP

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.