Shortly after the Minister of Finance, Yaw Osafo Maafo, had presented the 2003 Budget and Financial Policy Statement to Parliament, Mr. Asaga, minority spokesman on Finance explained that, “in 2002 the government over-borrowed to the tune of ?1.3 trillion instead of the ?450 billion promised.”

He further stated that the government incurred ?550 billion more debt on Tema Oil Refinery (TOR) and ?650 billion on the operations of the Volta River Authority (VRA).