Akufo-Addo GH¢130bn Loans Inflict Each Child With GH¢10,000 Debt To Pay-Sammy Gyamfi

The National Communications Officer of the NDC, Sammy Gyamfi The National Communications Officer of the NDC, Sammy Gyamfi

It has turned out that, President Nana Addo Dankwa Akufo-Addo has inflicted each Ghanaian with a debt of Ghc10,000 to pay.

This, includes newly born Ghanaian babies, who have no idea of what and how the debts were contracted.

More worrying is how these debts have in no way impacted the lives of these babies and their parents.

The Ghc10,000, represents a breakdown of the amount of money each Ghanaian has been made to owe due to the loans the New Patriotic Party (NPP) and President Akufo-Addo, has contracted and added to Ghana's debt since becoming the Chief Executive Officer (CEO) on January 7, 2017.

The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, who expressed worry about the growing debt stock of the country under the leadership of President Akufo-Addo, wondered the government's penchant for borrowing.

Raising these concerns at its 15th edition of its weekly press briefing in Accra on Wednesday, the National Communication Officer, expressed outright worry about the loans, while asking what the monies have been used for.

The country' s total public debts stand at Ghc258.8 billion as at June 2020, which was Ghc120 billion in 2016 at the time the National Democratic Congress left office.

With this number, the Akufo-Addo administration, has added a total of Ghc138 billion in the three and half years, since it took over the reigns of the administration of the country.

With this figures, Mr Gyamfi, indicated that the country's debt to Gross Domestic Product (GDP) which stood at 55.6percent as at December 2016 has increased to 68.3percent and projected by the International Monetary Fund (IMF) to hit 76.7percent by December this year.

What this means is that, the country's debt, has reached an unsustainable level and passing the debt threshold of 60percent of GDP, making it exposed to a debt relief programme under the IMF known as the Highly Indebted Poor Countries (HIPC).

"What is even sad and bizarre about the unsustainable and catastrophic debt situation President Akufo-Addo has plunged Ghana ,is that this government cannot show any significant or self-financing projects that their unprecedented borrowings have been used for ", he quizzed.

"Unlike President Mahama who can point to many tangible, significant or self-financing projects he undertook with the about Ghc70 billion he added to the public debt during his tenure in office, President Akufo-Addo cannot boast of any significant or self-financing projects he has undertaken with the over Ghc138billion he has added to the country's public debt in the last three (3) and half years ",he noted.

Some of these projects the Ghc70 Mahama loans were used for he said were the Greater regional hospital, the Ga East municipal hospital, the Upper West regional hospital ,rehabilitation of the Upper East hospital in addition to the 123 new Community Day Senior High School out of which 46 were fully completed.

But for Mr Gyamfi, who was looking for answers on where these loans have gone, accused the government of channeling these loans into consumption and wasteful expenditures.

On the issue of claims of leaving behind a messed economy to the Akufo-Addo administration , the National Communications Officer, rejected that claims by the NPP.

On the contrary, he said the Mahama administration, left behind an amount of $270 million in the Ghana Infrastructure Investment Fund .

Aside from that, he said the Mahama administration left for the Akufo-Addo administration a total of $207 In the Stabilization Fund.

An additional two massive oil fields were also inherited by the Akufo-Addo administration, he noted.

"The NDC handed over to the Akufo-Addo government, Gross International Reserves of $6.2 billion. Note that, the NDC in 2009 , met three times less than what we left for the NPP in terms of Gross International Reserves. Yet the NPP lies that they met an economic crises".

Source: By Patrick Biddah /www.theheraldghana.com