Show us what you’ve done with the huge loans you’ve taken-Minority


Deputy Minority Leader of Parliament James Klutse Avedzi says the rate at which our debt stock keeps increasing must be a concern to all of us as Ghanaians.

He said it must be of concern to every Ghanaian because of the refusal by the current administration to put the borrowed cash to effective use.

Ghana’s total debt stock has reached 170.8 billion cedis as at September 2018.

A summary of economic figures released by the Bank of Ghana shows that the country added 11.4 billion cedis to its debt stock between July and August 2018.

But calculating this as a percentage of GDP, Ghana’s debt represents 57.2 percent.

The country, within the period accumulated an external debt component of 86.6 billion cedis, while the domestic debt component has reached 84.2 billion cedis.

Reacting to the details Mr Avedzi said it is not a bad idea to borrow but you would have to invest it in a venture that will generate more revenue to pay back the loan.

He slammed the NPP for breaking their pledge not to borrow.

He quizzed why the NPP is still borrowing despite attacking the NDC of mismanaging the economy and borrowing recklessly.

Per the figures available, gold generated the highest revenue of 4.7 billion dollars.

It was followed by oil which raked in 3.83 billion dollars in revenue, with cocoa placing third, with its export revenue reaching 1.67 billion dollars.

On the banking sector, the total Non-Performing Loans (NPLs) increased marginally to 20.1 percent in October, after dropping to 20 percent the preceding month.

Again, the total deposits of all banks remained at 67.5 billion cedis in nominal terms, but increased by 20.9 percent on a year on year basis.

 

He challenged government to provide details on how they have used the money they borrowed to build trust, transparency and accountability.

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