NPP borrowed by the government at 84 billion GH for consumption, CDN fees for minorities

The minority in the National Democratic Congress of Parliament has accused the government and the finance minister of having nothing to show after borrowing about 84 billion GH ¢ in two years.

According to the minority, "after adding 86 billion GH ¢ to the public debt, President Akufo-Addo can not indicate any significant capital investment made in the past three years. Almost all the funds borrowed were used for consumer spending, the party said, reminding the government that "they left the impression that they could govern the country without borrowing and that even if they borrowed, funds would only be channeled to capital investments. "

At a press conference of the ranking member, Parliament's Finance Committee, which also plays the role of minority spokesperson on finance, to respond to the mid-year budget review, Cbadiel Ato Forson projected that, based on the government 's thirst for debt and the current trend, Ghana' s public debt will reach 220 billion GH ¢ by the end of the 2019 fiscal year, which accounts for about 62% of GDP.

That would mean that it would mean that in three years, President Akufo-Addo would have added 100 billion GHS to the public debt ", we would like to stress that this represents only what has been added since 2017. In total, President Akufo-Addo Addo has borrowed about 160 billion ¢ (which is not what is added to the public debt) since 2017, part of which was used for reprofiling the debt.The public debt would exceed 220 billion GH ¢ provided, once the levy has begun for a number of loans approved by Parliament. "

In the mid-year budget, the Minister of Finance indicated that the stock of gross public debt in nominal terms amounted to 204 billion GH ¢ (US $ 38.7 billion) at the end of the year. June 2019, or 59.2% of GDP.

He mentioned that "the increase is mainly due to the anticipated constitution of financing requirements for 2019 in the first quarter, but the buildup of debt over the next few quarters should mitigate and stabilize ".

The share of outstanding external debt rose from 50.2% at the end of December 2018 to 52.8% at the end of June 2019, mainly due to the issuance of Eurobonds. US $ 3.0 billion in March, added Ofori Atta.