Member of Parliament (MP) for Tano South, Dr. Gideon Boako says the President John Dramani Mahama administration in a space of less than two (2) months is already on a borrowing spree.
According to him, the government has already borrowed a whooping Ghc20 billion from the domestic market.
“In this month of January, he (President Mahama) has borrowed. This gov’t has borrowed from the domestic market. This government borrows money very month. Every week this gov’t borrows…every week the gov’t goes to the open market to borrow and that doesn’t come to parliament.“
“So he (President Mahama) borrows everyday from treasury bills and it runs into billions of cedis. Doing the math on this, the gov’t has borrowed more than Ghc20billion and it has borrowed this much in just this few months.”
He added that there is nothing wrong with the government borrowing, indicating that it may even borrow externally soon.
Dr. Boako also addressed claims by Minister of State in Charge of Government Communication, Felix Kwakye Ofosu that the erstwhile Akufo-Addo government did not build any debt buffers as false.
Minister of Government Communications, Felix Kwakye Ofosu has refuted claims by the erstwhile NPP administration that they had built debt buffers to aid in the 4th DDEP coupon payments.
Former Finance Minister, Mohammed Amin Adam in a Facebook post on February 17 claimed that the erstwhile Akufo-Addo government built buffers in the Debt Service Reserves Accounts to support upcoming debt service obligations such as the 4th coupon payments which was honored by the current government.
His comment came after government had announced on February 17 that the finance minister has successfully settled the 4th Domestic Debt Exchange Programme (DDEP) coupon payments to DDEP bondholders.
However, at a press conference on February 19, 2025 at the Jubilee House, Felix Kwakye Ofosu explained that the balance in the Debt Service Reserve Account at the time the NDC took office was GHS 155,463,435 million.
He argued that this could not have settled the GHS6.081 billion 4th coupon payment to all DDEP bondholders as the NPP asserts.
Minister of Government Communications, Felix Kwakye Ofosu has refuted claims by the erstwhile NPP administration that they had built debt buffers to aid in the 4th DDEP coupon payments.
Former Finance Minister, Mohammed Amin Adam in a Facebook post on February 17 claimed that the erstwhile Akufo-Addo government built buffers in the Debt Service Reserves Accounts to support upcoming debt service obligations such as the 4th coupon payments which was honored by the current government.
His comment came after government had announced on February 17 that the finance minister has successfully settled the 4th Domestic Debt Exchange Programme (DDEP) coupon payments to DDEP bondholders.
However, at a press conference on February 19, 2025 at the Jubilee House, Felix Kwakye Ofosu explained that the balance in the Debt Service Reserve Account at the time the NDC took office was GHS 155,463,435 million.
He argued that this could not have settled the GHS6.081 billion 4th coupon payment to all DDEP bondholders as the NPP asserts.
“You will find also that when the NDC took over on 7th January 2025, the last time anything had happened in that account when the NPP left office was January 2, 2025. The amount of money in the account on that date was GHS155,463,435 bear in mind that we are talking about payments in excess of GHS 6 billion.
Watch video:
“President John Mahama has borrowed over 20 billion cedis since taking office”
— Dr. Gideon Boako, MP for Tano North.
1 month pɛ ooo 😳 pic.twitter.com/BKlsWSOrXH
— Nαɳα Kɯαɱҽ (@NanaKwame_off) February 20, 2025
