Connect with us

Hi, what are you looking for?


Government Has Not Borrowed GHC80billion – Oppong Nkrumah

Information Minister Kojo Oppong Nkrumah has rejected claims by the opposition National Democratic Congress (NDC) that the NPP government has in the past two years borrowed 80 billion cedis with no development projects to show for it.

The minority at a press conference had sought to create the impression that the NPP government had borrowed funds in excess of ¢80 billion since the party assumed office in January 2017.

They dared government to point to the various projects that the borrowed funds have been used for suggesting that the borrowed funds have been used for ‘consumption’ placing Ghana in a debt distressed position.

But contrary to their claims, evidence from the central bank and the Ministry of Finance, provided by the Information Minister has exposed the seeming untruth in the claims by the opposition.

Rebutting the claims by the opposition on Accra based Citi TV Mr Oppong Nkrumah challenged the figures put out by the minority arguing that members of the opposition NDC were only ‘confusing themselves’ with Ghana’s ‘debt stock’ and Ghana’s ‘borrowed funds’.

Mr Oppong Nkrumah explained that the nominal debt stock in cedi terms refers to the cedi equivalent of Ghana’s external and domestic debts at a point in time. This figure he further explained was affected by about five different items only one of which was new borrowing by the Akufo-Addo administration.

The Information Minister noted that the ¢80billion that the minority claim the Akufo-Addo government has borrowed represents the change in the cedi equivalent of the nominal debt.

“We can say that the debt stock has changed by $76 billion. But what we are saying is that you cannot go out and make a claim or suggestion that the change of $76 billion in the debt stock means the Akufo-Addo government has borrowed $76 billion dollars”, the minister explained.

Advertisement. Scroll to continue reading.

He further explained that the $76 billion is not an amount of money which has been borrowed by the NPP government. He noted that it was rather the amount of money that has been added to the debt stock since the NPP assumed office. He explained that a number of factors including the disbursement of loans contracted in the previous administration, exchange rate differentials and transactional effect account for this $76 billion dollars.

“What we are saying is that apart from old loans that are being disbursed, there are some of the new additions to the debt stock that are not monies that comes to the administration to be used for projects and we have given examples. Take the Extended Credit Facility (IMF bailout) that my brother Ato Forson and my very good friend Seth Terkper literally led us into under IMF. We are to receive about $1 billion in support that goes to the bank of Ghana. This money doesn’t come to the central treasury for the central bank or for the central government to use for any developmental project. If you take that nearly $1 billion, it is about GHS 5 billion in contemporary terms because it is part of our external debt and I used the current exchange rate”.

He continued that, “about $5 billion in Ato Forson’s $80 billion change in debt stock, he (Ato Forson) knows it is not money that comes to the central treasury to use for any project, yet they want to create the impression that, it is money that president Akufo-Addo has borrowed and must be able to show for it”.

Providing a list of old loans contracted before President Akufo-Addo assumed office, which is now being disbursed, Mr Nkrumah further challenged the minority that the claim that Akufo-Addo had caused an 80b change could therefore not be sustained.





You May Also Like


Nigerian Actor Yul Edochie is currenty trending on social media and is the talk of town after he posted a Picture of hImself with...


Nigerian Actor Yul Edochie is currenty trending on social media and is the talk of town after he posted a Picture of hImself with...


Ghanaian female presenter Abena Moet has shared a video on her instagram page that has got Ghanaians rolling on the floor with laughter. in...


Husband of the late popular Nigerian Musician the Late Osinachi Nwanchuku in a recent video appeared before a court where the Nigerian Minister for...


Two young men have been given a job to do after they were caughter trying to outsmart people wth fake diamonds Most at times...


Ghanaian Actress Yvonne Nelson has dropped a Food for thought for her colleagues and social media followers inquiring about marriage. According to the Actress...


Popular Ghanaian Slay Queen now an Evangelist Moesha Buduong has dropped a video which has got Ghanaians talking. In the Video, Moesha looked very...


The beautiful daughter of the President of Ghana, His excellency Nana Addo Danquah Akufo Addo over the weekend tied the knot in a very...


Mental Health Advocate Abena Korkor has been spotted in a picture with the First Son of Ghanaian Milllionare Kwame Osei Despite, Kennedy Osei and...


The National Chief Imam of Ghana, Shiekh Osman Nuhu Sherubutu today celebrates his 103rd Birthday and Ghanaians cannot keep calm about it. A lot...


Nigerian Actress Ini Edo popularly known as Brown sugar is 40 years today and she has dropped several Photos of herself with Nigerians drooling...


Social Media is buzzing after a lady on facebook alleged she is the second wife of popular Ghanaian Prophet, Rev Obofour It was rumoured...

Ghanaian Actress Yvonne Nelson has dropped a Food for thought for her social Media users on Twitter.

According to the Actress, She is aware some peole marry for money, Kids, Passports and other thing thats matter to them but then she is wondering if people still marry for Love or the intelligence of their partners.

She then concluded asking is everyone has an agenda or purpose for why they marry. The Actress recently made several headlines when she dropped Photos of her and John Dumelo sharing a kiss, Ghanaians called her out to delete the Photo since John is now a Married man.

See her post below

A final year SHS student is currently making headlines after She got admitted to the Havard Medical School to study Medicine.

Francisca Lamini made several headlines last year during the National Science and Maths Quiz. She was the only female among Males to get to the semi finals.

The young Lady was hailed by a lot of people especially female activist in the country who vowed to support her become Successful. Months after the National Maths andd Science quiz and WASSCE, Fransica's dream has finally come through.

According to TV3 Presenter Berla Mundi, A group of Female CEO's have made it their aim to see Francisca successful thereby sponsoring and getting her admission into Havard.