The Minority in Parliament has expressed worry over accumulating debt stock by the Nana Addo Dankwa Akufo-Addo administration as this has triggered rigidity pressures emanating from the cost of debt service.

According to the caucus, President Akufo-Addo is engaging in reckless borrowing and as a result of this act, Ghana has been ranked as one of the countries with the greatest debt distress risks with its current public debt being the highest in four years.

“We have breached the world threshold, average threshold in the world. We are not in the position to pay for our debt. Ghana today is a highly debt distress country under president Akufo-Addo.”

“President Akufo-Addo has had more money at his disposal than all other governments and should have done far more than is being done currently.”

Ranking Member on the Finance Committee of Parliament, Cassiel Ato Forson stated that the extent of borrowing marks a betrayal of trust in government.

During the 2016 election, President Akufo-Addo and his vice, promised not to borrow as according to them, there are enough resources needed to finance the development of the country but the story changed after taking power.

In a press briefing, Thursday, 6th June, 2019, the minority noted that government do not possess the competence and as a result they lack the significant capital investments to show unlike their predecessor, President Mahama.

In the last two and half years, Mr Forson revealed that, analysis made of the three budgets statements presented since 2017, the tax revenue alone has brought in about GH¢113 billion ($21.4 billion).

The minority caucus also revealed that by 2020 Ghana’s public debt will rise to about GH¢250 billion, an addition of about GH¢130 billion.

The caucus added that the current spate of borrowing threatens to wear down the fiscal space as they claim president Akufo-Addo has deceived Ghanaians with failed campaign promises.

“The president views rebasing as an opportunity to engage in unbridled borrowing aimed at consumption related expenditure, not only is he unable to show any significant capital investments, president Akufo-Addo has in spite of all the resources available to him, been able to fufil most of his campaign promises and has resorted to sophistry and deceit to explain away his failure.”

The minority in parliament is however demanding for a detailed account of how funds are been disbursed with regards to the borrowed GH¢200 billion by government.

“This abject failure cannot be accepted in the wake of the over GH¢200 billion President Akufo-Addo has had. We demand that the president and his government render a detailed account of how all the funds received has been disbursed.” Mr Forson stated.