Member of Parliament for Tano North, Gideon Boako has accused the National Democratic Congress (NDC) of having borrowed a whooping Ghc67billion in a space of two months.
According to him, this sum has been borrowed between January 10th to Feb 28th, 2025 from the T bill market.
“As at the end of Friday’s auction, the total borrowing from the T bill market from January 10th to Feb 28th is 67 billion cedis,” he wrote on X.
This new amount comes after barely two weeks ago when Gideon Boako claimed 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 every day 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 these few months.”
However some social media users have questioned his motive, saying the NDC is only using that money to pay off maturing debt obligations.
@RoyalKingMe wWrote, “Doc, a factual statement but a bold attempt to deceive. I know you are aware that these are used to pay off maturing debt obligations so it’s not like someone is extending the debt portfolio, it’s just been managed.”
Another X user identified as @BELLOSIDI also wrote, “STOP MAKING UNNECESSARY NOISE! ¢60 billion of the borrowed money was used to service the maturing debts your government left behind. The net borrowing is ¢7 billion over the period and the interest rate is far lower than the rate your govt used to borrow.”
@blac4rina – also added, “The truth is, the NDC has borrowed GHc67 billion to repay debts of GHc60 billion incurred in 2024. Meaning, the NDC has borrowed GHc7 billion since January 7th 2025. FACT In this generation that has high level of education, misinformation carries a political costs.”
@Abrante3Kojo1 – Some of the money were being used to service your dept you left behind. You forgot you were borrowing 5 billion every week from T-Bills after the election till you handed over? Tell Ghanaians how you didn’t make any plans to service that dept. Be serious for once.
These arguments in response to Gideon Boako’s argument paint a different picture of the situation to Ghanaians.
Although the NDC is enjoying these kind of spirited defense and goodwill from the Ghanaian people, they have a dauting task ahead of them to fulfil their numerous promises to the Ghanaian people, including borrowing less, and salvaging Ghana’s failing economy.
See post:
As at the end of Friday’s auction, the total borrowing from the T bill market from January 10th to Feb 28th is 67 billion cedis
— Gideon Boako, Ph. D (@gboakogh) March 2, 2025
