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30.05.2019 Politics

Tell Ghanaians You Got It Wrong For Over-Borrowing – Fiifi Kwetey

By Clement Akoloh
Fiifi Kwetey, Ketu South MP

The Member of Parliament for Ketu South and Former Deputy Minister of Finance under the erstwhile NDC administration, Fiifi Kwetey, has taken a swipe at Akufo-Addo government for their double standards on borrowing to meet the developmental needs of the country.

The MP has called on the government to be bold enough to tell Ghanaians they goofed when they lambasted NDC then in opposition for over-borrowing.

Fiifi Kwetey was reacting to a recent comment by the Minister of Finance, Ken Ofori Atta, to the effect that government will continue to borrow to finance the country’s developmental agenda contained in the new 38-year development plan being spearheaded by the National Development Planning Commission (NDPC).

“Have that courage and have that honesty to tell the country that you got it wrong. That when you mounted your campaign platform, you deceived the people in the country by creating the impression that borrowing was not the way to go,” he said.

The 38-year development plan being pursued by the Akufo-Addo led government titled 'Ghana at Hundred', is aimed at transforming Ghana into a fully developed country by the year 2057. The NDPC, led by Professor Adei is supposed to guide the country through the planning process of this ambitious project.

The Finance Minister in an Interview on Joy FM, indicated that as long as the country has needs for development, the government has no choice but to continue to borrow.

He argues that the country’s current internally generated fund is inadequate to deal with the government’s fast moving developmental agenda.

“Giving the country’s developmental agenda, you are going to need a very long term instrument which will enable you to plan and execute the development in a time frame which will then allow you to generate revenue from the project to be able to do that.

“You know, our needs are expensive and the current generation of revenue may not be adequate in the short term but in the long term it will. That is a challenge for the country and that is what the Ministry and that is what the Ministry will continue to resolve,” the Finance Minister said.

Vice President Mahamudu Bawumia, then running mate to Presidential candidate Akufo Addo chastised the administration of the then President John Mahama for borrowing excessively to overburden the future generation of the country.

He accused the NDC administration of increasing the country’s debt from 8 billion dollars in 2009 to about 40 billion dollars in 2016.