Home Business Ghana’s opposition criticises govt for excessive borrowing

Ghana’s opposition criticises govt for excessive borrowing


Image result for Nana-Akufo AddoGhana’s opposition, the National Democratic Congress has taken the government to the cleaners, over the issuance of a 2.25 billion-dollar domestic bond in April.

The minority in parliament cites a conflict of interest in the deal, which has seen about 95% of the amount bought by a single foreign investor, the Frankylin Templeton investment Company.

TVC News correspondent, Eunice Agyare-Okyere reports that the New Patriotic Party had during its campaign ahead of the 2016 presidential election, criticized the Mahama-led administration for borrowing excessively and said borrowing was a lazy way of running a country’s economy.

Close to one hundred days after taking office, the government sealed a deal which raised 2.25 billion dollars for the country.

But the minority in parliament does not think it’s a remarkable deal. The legislators say the transaction is shrouded in secrecy. A foreign company, Franklyn Templeton took 95 percent of the bond leaving just 5 percent for local participants.

The Minority in Parliament is calling for a bi-party parliamentary probe into the issuance of the bond to confirm or dispel an element of conflict of interest against the Finance Minister in the transaction.

If the result is not favourable, they will head to the Commission on Human Rights and Administrative Justice which is mandated to sit on such cases.


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