His excellency President Nana Addo and his NPP government back in 2016 during their campaign tour promised Ghanaians to cut down on borrowing.
When they were elected into power, their government has become the one that has borrowed the most. Due to this, opponents from other political parties have lambasted the current government on failing Ghanaians and doing opposite to what they promised.
But NPP seems to have a reason for the huge debt.
Communications Director for the New Patriotic Party (NPP), Yaw Buaben Asmoa, on Saturday made this revelation on Adom TV’s show, Nnawotwe Yi.
“Structural weakness in the economy and the debt profile handed-over to us by the NDC caused us to borrow to fix the economy, we borrowed to exit IMF’s Extended Credit Facility (ECF) programme. We also borrowed to clean up the financial sector and all these have added to the public debt.”
“Fluctuations in the exchange rate has accounted for GHS 60 billion of our public debt,” he added.
Speaking further to denied assertions that the NPP was against borrowing while in opposition, explaining that what the NPP was argued for was responsible borrowing.
“We didn’t say no borrowing but responsible borrowing, when you borrow you need to invest it in productive areas of the economy so you won’t have to go and borrow again,” he explained further.
Story by SurelyGh