Minority leader in Parliament, the Hon. Haruna Iddrisu has chided President Nana Addo Dankwa Akufo-Addo for expressing hope Ghana’s debt-to-GDP ratio will improve to 55% of GDP by the year 2028.
According to him, instead of wishing away the economic difficulties, President Akufo-Addo should rather accept responsibility for the wretched economy, which he failed to do when he addressed the nation on Sunday.
Addressing the media in Parliament on Tuesday, November 1, the Minority leader said the current state of the economy has dire consequences on livelihood as it has exacerbated poverty and pushed the cost of living and doing business very high.
He argued that while attempting to appear generous by admitting that Ghana’s borrowing has been the highest in the last 50 years, President Akufo-Addo should also have added that he has borrowed more than any other President in the last 50 years.
He stated everything is wrong with the NPP government’s borrowing contrary to what some World Bank officials are saying and stressed, “Borrowing is a policy. You decide to borrow, decide how much to borrow and where to direct the borrowing as an investment.”
“If you now borrow to the level of debt distress; to the level of unsustainable debt; and to the level of now talking about ratio of 105% of GDP as debt level… and he the President of the Republic says he hopes Ghana’s debt to GDP will improve to 55% of GDP by 2028.”
“We ask the question, where will he be? Even though we are not convinced that he can even manage this with any superior strategy as was done by John Dramani Mahama and NDC.”
The Minority leader recalled that in 2017 the President in his first state of the nation address claimed GH¢120 billion was colossal in terms of the country’s debt stock adding, “So to mark his words, GH¢450 billion is not colossal.”
The Minority leader challenged the President’s claim that there will be no ‘haircut’ on the investments and savings in the country’s debt management and sustainability efforts.
He averred that regardless of what happens, there will be ‘a barber’ of a sort and stressed, “It could be a ‘Sikan pɛ dede haircut’ to wit ‘money does not like noise haircut.”