Ghana may go into the Guinness Book of Records as the most borrowing country ever – Minority Leader

A loan deal between the Ghanaian government and the World Bank for $200 million to support the Ghana Digital Acceleration project was approved by Parliament on Tuesday, May 2, 2023.

The West Africa Food System Resilience program’s phase 2 financing in the amount of $ 150 million was also authorized.

An on-lending agreement between the government and the development bank Ghana for an amount of £ 170 million was approved to support the establishment of a financially sustainable development bank. An additional amount of $ 60.6 million was approved to support the Ghana Covid -19 Emergency Preparedness and Response project.

After the loans were approved, Hon. Casiel Ato Forson lamented the NPP administration, led by Nana Addo Dankwah Akufo Addo, for continuing to borrow money despite the country’s already excessive debt load.

He claimed that the country is in debt distress and that parliament has approved loans totaling about $710 million at a time when defaults on debt repayment have occurred both domestically and internationally. He warned that if caution is not taken, the activities of parliament on May 2 the approval of loans will be entered into the Guinness Book of Records as a country that continues borrowing at a time when it is in debt distress.

Hon. Casiel Ato Forson stresses that it is very essential to stop digging when you are in a hole but NPP Government keeps adding to the already existing unprecedented debt of the country instead of safeguarding the economic stability of the country.

He revealed that the NDC minority in parliament is not in support of the approval of the said loans and hence voted against it.

Source: Ghanatodayonline.com/Kwaku Mensah Abrampa