Alarmist Minority is misleading Ghanaians on public debts – Kpodo

14The Minority has been accused of “misleading” the public after claiming that government’s excessive borrowing has caused Ghana’s debt to GDP to cross the 70% acceptable mark.

According to the NDC member on Parliament’s Finance Committee, Benjamin Kpodo, figures being churned out by the Minority were only meant to create unnecessary “alarm”.

The Finance Minister’s Mid-Year statement to Parliament last week put the country’s provisional debt at 90 billion cedis. But a press conference by the Minority NPP today said what the government stated does not reflect the true picture of the country’s debt profile.

The group believes the public debt should be in excess of 90 billion because the government has gone for more loans after that figure was put out.

The Minority mentioned the $1.5 billion eurobond approved for issue by Parliament as well as some 300 million cedis loan agreements which he said were yet to be added to the debt profile.

Using government’s own figure of 90 billion, Dr. Anthony Akoko who spoke for his colleagues noted that each Ghanaian owes 3,600 cedis.

Mr. Benjamin Kpodo said the Minority was being disingenuous when they lumped every loan as public debt without taking into consideration those invested in projects that would generate revenue to pay for the loans.

In his assessment, the country is on a positive path when one subtracts Ghana’s total asset from the total debt.

The country’s total assets have been valued at 133 billion cedis, according to the Member of Parliament’s statistics. This means with an estimated 25,000,000 citizens, each Ghanaian would be worth 5,320 as opposed to the 3,600 debt.