A deputy Finance Minister-designate, Abena Osei Asare, has justified the excessive borrowing of the Akufo-Addo led administration saying Ghana must continue to borrow to undertake projects.
Answering questions at her vetting on Thursday, Abena Osei Asare, who has been renominated by Akufo-Addo said several projects being undertaken by the government must be sustained through smart borrowing.
“We need to continue with the Free SHS, we need to continue the road construction. We need to continue with the Ghana CARES, we need to continue with the infrastructure the people want to have. So in this situation, what do you do? We try as much as possible to borrow amounts of money that will serve our interest”, she said.
Ghana’s total public debt stock reached an all-time high of GH¢291.6 billion in December 2020, approximately 76.1% of GDP, the Bank of Ghana said. According to the figures, external debt alone stood at GH¢141.8 billion, approximately US$24.7 billion.
Prior to the 2016 elections, then-candidate Nana Addo Dankwa Akufo-Addo and his running mate, Dr Mahamudu Bawumia criticized the Mahama government over what they called excessive borrowing.