Minority rejects three(3) loan deals worth $500 million

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Due to Ghana’s unmanageable debt levels, the minority members of the finance committee have rejected three loan deals for a combined $500 million.

Digitalization, GIFMIS, and certain health infrastructure are the intended uses of the $200 million building and two additional $150 million buildings.

However, the NDC MPs sought from the finance ministry a precise debt restructuring path before it can consider further loan facilities during the committee meeting where Ursual Owusu-Ekkuful, the Minister for Communications and Digitalization, was present.

Ampem Nyarko, the MP for Asuogyaman, cautioned the media that his party would oppose any effort to increase borrowing until the government had a handle on the nation’s financial issue.

“We have taken a very simple position that looking at our debt situation, we’re unable to support further approvals for further loans because we believe that if you’re in a hole you don’t continue to dig further. We are waiting for the Finance Minister to give us a clear-cut to take us out of this debt situation; we need to know our debt sustainability plans otherwise we in the minority are clear that we’re unable to support any additional borrowings by this government.”

Ursula Owusu-Ekkuful, the minister of communications, has expressed hope that additional discussions will persuade the NDC MPs to approve the approval of the loans considering what the facilities are intended for.

“I am confident that further engagements will enable us achieve the meeting of minds so that these critical facilities that the World Bank has already approved, it’s willing and it’s eager and waiting for those approvals to enable them disburse, will also be forthcoming shortly” Mrs Ekuful stated in an interview with the media.

Source: Ghanatodayonline.com

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