Bawumia: ‘$30bn loans unaccounted for


Dr Mahamudu Bawumia, vice-presidential aspirant on the ticket of the New Patriotic Party (NPP), has accused government of mismanaging the country’s resources and failing to account for $30 billion of loans contracted.

According to him, government has borrowed an equivalent of $37 billion but spent only $7 billion, which raises questions over the whereabouts of the balance of $30 billion.

“First, if you sum the cost of all the loan-financed projects listed in the Green Book (even including those with artistic impressions), it is less than $7 billion. Meanwhile, the government has borrowed the equivalent of $37 billion, so, where is the rest of the money?” he questioned.

This was part of a lecture delivered by the former deputy governor of the Bank of Ghana at the University for Development Studies, Wa Campus.

Organised by the University Students Association of Ghana (USAG) on the theme: ‘The Role of Financial Discipline and Investment In National Development’ Dr Bawumia explained that the governing National Democratic Congress (NDC) has been on a borrowing spree since 2009.

He estimated the total borrowed funds within the past seven years to be GHS90 billion. This is an increase from an initial GHS9.5 billion in 2009 to GHS99 billion currently, which is equivalent to $37 billion, he said.

He challenged the government to come clean on the expenditure of the $30 billion which he feels has not been accounted for.

“Indeed, given the resources at its disposal, one should expect at least four times the quantum of investment that the NDC claims to have undertaken,” Dr Bawumia said.


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