NDC’s uncontrolled borrowing partly to blame for Ghana’s current debt situation says Dr Frank Bannor
The head of research at the policy think tank, Danquah Institute (DI), Dr Frank Bannor has observed that Ghana’s current debt levels should partly be blamed on the reckless borrowing of the erstwhile Joan Mahama administration. Speaking at ABC News’ Economic Symposium in Winneba on 16 September 2024, Dr Frank Bannor stated that power purchasing … The post NDC’s uncontrolled borrowing partly to blame for Ghana’s current debt situation says Dr Frank Bannor appeared first on Asaase Radio.
The head of research at the policy think tank, Danquah Institute (DI), Dr Frank Bannor has observed that Ghana’s current debt levels should partly be blamed on the reckless borrowing of the erstwhile Joan Mahama administration.
Speaking at ABC News’ Economic Symposium in Winneba on 16 September 2024, Dr Frank Bannor stated that power purchasing agreements under Mahama were reckless as they committed the nation to huge debts.
“Ghana’s debt levels are high now but we can partly blame the reckless borrowing of the Mahama administration. How the power purchasing agreements were conducted affected our debt levels adversely. We are paying far more than we ought to have been paying, and that’s John Mahama for you” he explained.
He also explained that the phenomenon where foreign companies repatriate monies in dollars to their countries also affects the economy.
Dr Bannor, who is also a Development Economist, advised that the country must prioritise growing for consumption and export to other countries.
“We have not been producing enough for ourselves and export, and we have been depending so much on foreign products, there is no way we can get out of this situation. We must produce more to balance the situation,” he said.
He also indicated that there is the need for the country to take its industrial development very serious as that is the only way for the cedi to remain strong against the dollar.
As of the end of June 2024, Ghana’s total central government debt was GH¢742.0 billion, which is 70.6% of its GDP. This is a 22% increase from the previous period, due to the depreciation of the Cedi and payments from creditors.
Dr Frank Bannor urged Ghanaians to vote for Dr Mahamudu Bawumia whose policies captured in the NPP’s manifesto, have the potential to change the trajectory.
Reporting by Wilberforce Asare in Accra
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The post NDC’s uncontrolled borrowing partly to blame for Ghana’s current debt situation says Dr Frank Bannor appeared first on Asaase Radio.