You are here: HomeNews2015 10 22Article 389189

General News of Thursday, 22 October 2015


I am not the first president to borrow - Mahama

President John Dramani Mahama President John Dramani Mahama

President John Dramani Mahama says he expects this to be the last time any government in Ghana will revert to the International Monetary Fund (IMF) for a bailout.

Even though Ghana’s economy is saddled with huge debts, the president indicates that government is still entitled to concessionary borrowing from other economies or countries depending on the need that arises.

The amount borrowed under this category, he explained, attracts low interest compared to commercial borrowing which is what Ghana has relied on over decades now.

Speaking on Garden City Radio in Kumasi; President Mahama rebutted criticisms over what many described as his penchant for excessive borrowing, explaining that he was not the first leader in the country to borrow.

“I am not the first President in government to borrow. Governments over the years have depended on foreign support,” he observed.

He disclosed that monies borrowed were channeled into infrastructural development including roads, hospitals, schools, portable water and electricity for the citizenry.

According to him, a ceiling of $500m for borrowing has been set this year and he is prepared to abide by this as part of the measures of strengthening the financial discipline of the country as it goes to the polls in 2016.

Join our Newsletter