We don’t ‘drink the loans’ we go for, Ghana not retrogressing – Mahama
Date Posted: March 27, 2014: 09:19
President John Mahama has said his government does not borrow to make merry but invest in the economy for the benefit of Ghanaians.
“We did not borrow to drink or to eat; we borrowed to bring facilities such as electricity and water to the people of Ghana”, Mr Mahama told a durbar on Wednesday in the Eastern region to end his two-day visit there.
In a subtle reply to the main opposition New Patriotic Party’s two-time vice presidential candidate, Dr Mahamudu Bawumia’s claim that Ghana’s debt stock of Ghc9.5 billion as of 2008 had inflated to Ghc49.9 billion – representing an increase of over 40 billion in five years – a stoic Mahama said his government will even borrow more to provide the utilities and development Ghanaians need.
At his lecture on the falling Cedi on Tuesday, Dr Bawumia, who is also a former Deputy Governor of the Bank of Ghana said the current debt stock represents 57.7 per cent of GDP, and predicted that: “Our debt stock will be 60 per cent to GDP ratio by the end of this year.
However President Mahama told the chiefs and people of Kyebi on Wednesday that: “Don’t let anyone deceive you. This country is not retrogressing. We are moving forward and we will stay on that course.”