KWAKU KWARTENG (MP).
SOURCE: myjoyonline.com---------
“The President misled everybody,” Kwaku Kwarteng said of the comments made by the president on the campaign trail in the Volta Region yesterday.
Speaking on Joy F ... read full comment
KWAKU KWARTENG (MP).
SOURCE: myjoyonline.com---------
“The President misled everybody,” Kwaku Kwarteng said of the comments made by the president on the campaign trail in the Volta Region yesterday.
Speaking on Joy FM’s Super Morning Show Friday, Kwaku Kwarteng stated that out of the more than GH¢100billion debt burden the country is currently saddled with, the Kufuor government contributed only GHC 9.5billion after it exited power in 2008.
Picking out the NDC government’s track record on borrowing since 2009, Kwaku Kwarteng pointed out that loans approved by parliament have been mismanaged as follows:
In 2009, government borrowed GH¢3.6bn but spent GH¢2.5billion on development expenditure.
In 2010, government borrowed GH¢4.3bn but spent GH¢3.1billion on development.
In these two years, government used an average of about 25% of borrowed money on consumption.
“That was not good enough….but you probably would want to pardon the President.”
But expenditure patterns worsened after 2010, the Obuasi West MP observed.
In 2011, government contracted GH¢6billion in loans but spend only GH¢3.7billion on development. About 40% went into questionable expenses.
In 2012, out of GH¢11.5billion it borrowed, government used only GH¢4.9billion for development programmes. About 67% was wasted on consumption, Kwaku Kwarteng claimed.
In 2013, government used only 28% of the GH¢16billion it borrowed for development expenditure.
In 2014, only GH¢6billion was used for development programmes out of the GH¢27.7billion government borrowed.
“When a country borrows and consumes we are heading for trouble”. Kwaku Kwarteng argued that government borrowed monies to pay debts.
“They come to parliament, borrow money and before you know a large chunk is gone into recurrent expenditure,” the Obuasi MP said.
Ghana’s debt sustainability has been a major concern for rating agency Moody's which has rated the country’s credit-worthiness as very poor.
Moody has given Ghana a B3 negative.
The Minority has demanded that government accounts for $23 billion out of the $27 billion contracted under the National Democratic Congress (NDC) government in six years.
The NPP claims only $3.42 billion went to development projects, a testament to what it described as “unbridled thirst for borrowing” and misplaced priorities.
KWAKU KWARTENG (MP).
SOURCE: myjoyonline.com---------
“The President misled everybody,” Kwaku Kwarteng said of the comments made by the president on the campaign trail in the Volta Region yesterday.
Speaking on Joy F ...
read full comment