March 8, 2023

We’ve Not Been Reckless In Borrowing; Says Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has refused assertions that his government has manifested recklessness in borrowing and profligacy in spending.

Data from the Bank of Ghana showed that Ghana’s total public debt stock stood at GH¢575.7 billion at the end of November 2022 pegging the country’s debt to Gross Domestic Product (GDP) ratio at 93.5%.

Ghana is currently unable to service its debts and is therefore seeking a US$3 billion bailout from the International Monetary Fund (IMF).

A section of Ghanaians including the main opposition party has accused the government on several occasions of reckless borrowing and mismanagement of public funds.

But during the State of the Nation’s Address on Wednesday, March 8, 2023, President Akufo-Addo said, “we have not been reckless in borrowing and spending”.

He added, “we spent money on things that are urgent”.

He said no one will consider the government’s rate of borrowing “reckless” considering projects to be done including roads, sea defence, digitisation, social protection programmes, industrialisation, tourism, agriculture, schools, hospitals, rails, drains, etc.

He further underscored, “I’m proud of the projects we’ve done”.


Source: Fuseini

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