Ghanaians have received with mixed feelings, the announcement by the government of the formation of a Special Purpose Vehicle; Agyapa Royalties in a tax haven to monetized our gold royalties.
The outrage and the outright condemnation of the deal and the call for it to be withdrawn by not only the opposition National Democratic Congress (NDC) but Civil Society Orgnisations (CSOs), is because of how this government, has managed our resources, especially finance, since it assumed office in 2017.
The Akufo-Addo led administration, as of March 2020, has ballooned Ghana's total debt to GH¢236.1 billion.
According to a Summary of Economic and Financial data released by the Bank of Ghana, the GH¢236.1 billion debt now sends Ghana's Debt-to-GDP-Ratio to 59.3 per cent. Out of the total debt stock, $22.9 billion was external debt, which translates into 31.4 per cent of the total value of the economy, while GH¢111.3 billion was secured locally representing 28 per cent of the total value of the economy.
President Akufo-Addo, delivering his maiden State of the Nations Address in 2017, he announced that Ghana's total debt stock had risen from GHc9.5 billion in 2009 to GH¢122 billion by the end of 2016, representing 74 per cent of the Gross Domestic Product (GDP).
A lot has been done with the monies borrowed from 2008 to 2016 by the erstwhile National Democratic Congress administration. They are so many infrastructure projects to show for how, the monies borrowed were used.
Regrettably, in the opinion of this newspaper, the current government in less than four years, has borrowed more than any government within the same period since 1992, but yet has little to show for it.
It is the consensus of most Ghanaians that the entire process leading to the establishment of Agyapa Royalty, was not transparently done, but rather, used as a platform to reward family members and friends of the president.
This newspaper observes that with the proclivity of wasting money, all things considered, the government should pull the brakes on the deal and proceed only after telling the people, what they did with the monies borrowed so far.