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General News of Thursday, 16 November 2017

Source: Starrfmonline.com

Seth Terkper mocks government for borrowing

The Finance Minister Ken Ofori-Atta has questioned the continuous borrowing by the Akufo-Addo’s government.

He said the government kicked against ‘excessive’ borrowing by the erstwhile Mahama administration while in opposition.

Mr Terkper described as ‘dangerous’ the penchant by the government to borrow for into productive sectors of the economy.

“We were told there wouldn’t be any borrowing at all. We were made to understand there was going to be some magic wand. How come we are borrowing in the first place? I have some sympathy for those who say we should look at what we have on the grounds. When we were getting the World Bank Guarantee in 2015, we were told we couldn’t borrow to pay debt,” the former Finance Minister told Francis Abban on Morning Starr.

The Bank of Ghana (BoG) in its report said the country’s debt stock reached ¢137 billion from ¢127.8 billion in the first quarter of 2017.