Haruna Iddrisu, former Minority Leader and Member of Parliament (MP) for Tamale South, has asked for a borrowing limit.
He wants the country’s government borrowing to be limited to 70% of GDP.
Details to the World Bank, Ghana’s Public debt rose from 79.6% in 2021 to over 90% of GDP in 2022, as debt service-to-revenue reached 117.6%.
The MP therefore wants his proposal to be considered to help the country address its indebtedness.
If this idea is implemented, the congressman believes it will severely limit the government’s ability to incur fresh debt.
He also demanded a forensic assessment of the Finance Ministry’s debt to state-owned companies (SOEs).
He notably identified Ghana Gas, ECG, and NCA as state-owned firms with large debt held by the Ministry of Finance.
“This parliament must sit up and we must sit up to demand a feeling for good for all presidents and governments. I maintain that no president or government should be allowed to borrow beyond 70% of GDP,” he said during a debate on the budget allocation for the Finance Ministry on Thursday.
“I am asking for a forensic audit as to how much money the Ministry of Finance has held on state-owned agencies, Ghana Gas, ECG, NCA. Those of them who have other holding that the office of the Chief of Staff has taken money away from them. We need to know,” he said.
By: Rainbowradioonline.com/Ghana
