Haruna Iddrisu, the education minister has revealed former president Akufo-Addo’s government had an elephant appetite for borrowing.
According to Haruna Iddrisu, Ghana needs a ceiling on how much we can borrow.
He asserted that it cannot be at every time as it pleases the Finance Minister to walk to Parliament and demand the chamber grants his loan request.
Haruna Iddrisu noted that the former Akufo-Addo government was overambitious with their Agenda 111 initiative and could not complete even one.
Speaking on the floor of parliament Haruna Iddrisu stated, “Mr Speaker, again let this Parliament work for the people of Ghana. Ghana needs to have a ceiling on how much we can borrow. It cannot be at every time as it pleases the Finance Minister, he walks here, Parliament fails in its responsibility, grants him,” he said while speaking to Parliament.
Adding that “between 2017 and 2021 before COVID, $3.5 billion, yet the previous NDC administration did just $1.5 billion. So again, elephant’s appetite for borrowing. Your government had an elephant appetite for borrowing.
Every time you wanted to borrow. You undertook physical infrastructure; you said you were building Agenda 111 hospitals, 88. At least if two or three were functional, it would make a meaningful contribution to maternal health and improve healthcare delivery in Ghana. Your overambitious initiative; you got none completed. You were more interested in winning votes at the December election than caring for Ghanaians,” he detailed.
Haruna Iddrisu further blamed the now NPP minorities for supporting former finance minister Ken Ofori-Atta in messing up Ghana’s economy.
He added, “Mr Speaker, IMF, they said superior managers of the economy. What happened to the Fiscal Responsibility Act? It was on suspension even before you exited political power. You said you wanted Fiscal prudence; you brought in the Fiscal Responsibility Act with Ken Ofori Atta as your Minister. When we said sensor him, you said no.
Now that you have lost, you want to blame him for everything. You supported him to mess the country up, mess the economy up and mess your administration up, so walk in regret and live in regret. When we said that he should be called to order, you overborrowed.
Mr Speaker, again let this Parliament work for the people of Ghana. Ghana Needs to have a ceiling on how much we can borrow. It cannot be at every time as it pleases the Finance Minister, he walks here, Parliament fails in its responsibility, grants him,” the education minister added.
Meanwhile, Finance Minister, Dr Cassiel Ato Forson says the 2025 budget is aimed at shaping a stronger future for all Ghanaians.
The Finance Minister in a post on his X page asked Ghanaians about their expectations ahead of the budget presentation in parliament on Tuesday 11, March, 2025, he said “With just 5 days to the Presentation of Budget 2025 on Tuesday, March 11th! The anticipation is building, and we want to hear from you!
What are your expectations for this year’s budget? What areas should be a top priority? Drop your thoughts in the comments! This budget is about shaping a stronger future for all—let’s talk about what matters most to you!”
Dr Cassiel Ato Forson will present his first budget to parliament on Tuesday, March 11, 2025.
President John Dramani Mahama also revealed Ghana’s public debt hits GHS721billion.
According to John Mahama, the staggering debts are a glaring sign of almost deliberate and, in some cases, reckless mismanagement of our resources.
Delivering his first State of the Nation Address in his second term to Parliament on Thursday, February 27, President Mahama showed a grim picture of Ghana’s huge debts.
John Mahama revealed Ghana’s public debt stands at GHS721 billion, the Electricity Company of Ghana (ECG) owes GHS68 billion and Ghana Cocoa Board COCOBOD is also indebted to the sum of GHS32.5 billion.
