An economist and lecturer at the C.K. Tedam University of Technology and Applied Sciences (CKT-UTAS), Bismark Osei disagrees with President Nana Akufo-Addo’s statement about the state of borrowing under the current administration.
In the State of the Nation Address yesterday, the president indicated that no individual can say that the government has borrowed recklessly.
President Akufo-Akufo-Addo, while delivering the State of the Nation Address, defended his government’s expenditure since taking office in 2017. According to the president, his government has been accountable with regard to how it spends monies borrowed and that they only spent money on things that were urgent and necessary.
But speaking to Mark Smith on A1 Radio’s Day Break Upper East Show, Mr. Osei said the President cannot rule out reckless borrowing by his government because, with the money borrowed by the government and allocated to various ministries, Ghanaians are not seeing the benefits of such huge sums of money.
“Don’t forget that all these years we spent a huge budget, and we see the government giving money to some of these ministries, but we can’t see very vehement reflections in our lives. We have seen a lot of the ministry’s flagship programmes, which show that in 2021 they spent 9.1 billion cedis, but the government is not showing any signs of recouping those things. And if some of this money is going to that area and you are not seeing the benefits or so much reflection on the average Ghanaian, then we can say yes, this borrowing is reckless.”
Mr. Bismarck Osei, there is also public debt, which includes 1.5 billion dollars in energy sector debt that the government has failed to service since 2017 yet continues to borrow. The economist, Mr. Osei, spoke to A1 Radio earlier today.
“So to me if you what to say borrowing has been reckless, it has been reckless because we have over 1.5 billion dollars energy sector debt that has been there since the government came and we have not seen so much we have not seen measures to deal with it but you still borrow money to finance it”
Mr. Bismarck Osei again rejected the President Nana Akufo-Addo’s claims that the government did not mismanage the COVID-19 funds. He noted that, comparing the activities embarked on by the government and the monies spent, one cannot say there was no misuse of funds.
Source:A1Radioonline.Com|101.1MHZ|David Azure |Bolgatanga|