Gov't Borrows Over $500 Million in Four Months

According to the Minister of Finance, Yaw Osafo-Marfo, the Government have borrowed over $554.1 Million dollars through 11 Concessionary loans from Multilateral sources between March 29 and July 27 this year. Out of the amount, 65 percent are grants leaving 35 percent as the debt to be paid in future.

The minister said, documents on nine out of the 11 concessionary loans, which were approved by Parliament were prepared by the former NDC Government while the remaining two were initiated by the Government.

He said the Government will as a matter of policy seek concessionary loans to develop the Country since most of the loans have grant elements. The Finance Minister was speaking in apparent reaction to reports that the NPP Government has within eight months of assuming office borrowed a total of Six Trillion Cedis.

Mr Osafo-Maafo explained that sourcing loans for development is in itself not a bad thing. He wondered why the former government did not push through the nine concessionary loan agreements which could have helped to revitalize the economy.