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What Have You Done With GH¢157 Billion Borrowed? – John Mahama Ask Akufo-Addo

John Mahama is demanding accountability of government’s borrowing insisting there are no tangible projects to show for after submerging the country in a mountain of debt but nothin to show.

John Mahama contends that whereas there are multiple infrastructural projects to account for his borrowings, his opponent in the upcoming polls, Akufo-Addo who has incurred more debts in history has barely anything to account for in his three and half years as President.

“What have you done with GH¢157 billion? If you ask me to render accounts of what I used the GH¢56 billion loan I contracted for, I have a list of projects in the system to mention.

The Kwame Nkrumah Circle Interchange, Kasoa Interchange, Tema Harbour expansion, Regional hospitals, Kejetia and other critical road projects among others will speak for the additional debt I added in my administration,” he said at a rally at Adabraka in Accra.

John Mahama said that President Akufo-Addo has achieved too little for the number of resources he has expended over the past four years.

For him, it’s meaningful that borrowed money is used for real infrastructure development and investment than to use it for mere consumption.

Ghana’s total public debt stock jumped by 1.66 percent to hit GHS263.1 billion [$46.3bn] in July 2020, according to the latest Summary of Macroeconomic and Financial Data.

This represents about 68.3 percent of the country’s Gross Domestic Product and is gradually nearing the dreaded 70% of GDP.

In June 2020, the nation’s debt [loans] was estimated at GHS258.8 billion, approximately 67.2 percent of GDP.

From the figures, the external component alone is estimated at GHS138 billion [$24.3bn], representing 35.8 percent of GDP.

The domestic component of the debt is also estimated at GHS125.1 billion, approximately 32.5% of GDP.

The financial sector resolution bond, however, constitutes GHS14.2 billion, which is equivalent to 3.7 percent of GDP.

Between January 2020 and July 2020, Ghana’s debt has shot up by 28.5%. In January 2020, the total public debt stock was GHS204.6 billion.

Via
Ghanaweb
Source
Kasapa FM
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Edrine Yeboah

I'm Edrine, popularly known as Edrino Greatness, a Ghanaian sensational blogger with so much passion for blogging. I'm a Team player and can work under any circumstances. I believe in possibilities and can do spirit. You can get in touch with me by contacting me on +233570405064 or Send me a messsage on WhatsApp. @Zackgh.com we publish Articles and also help promote upcoming and mainstream Artistes to upload their songs as well on our page. I leave you with my favorite quote "Every dream is possible and there is nothing one cannot do if you put your mind to it".

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