GHANA: EVERY GOVERNMENT BORROWING MUST MAKE ECONOMIC SENSE

By: Arnold Agbodo/www.africanakua.com, Ghana.

Every government’s borrowing must make economic sense to the people. When a government dedicates itself to borrowing which makes no economic sense to its people, the citizens must speak up.

When a government goes to take a 40 year bond to consume without any tangible assets that would generate money to pay for them, we must be worried. It’s just like your father borrowing from his friends to buy sweet meals and after he dies, you are compelled to pay for something that you did not benefit from. That is the most painful of all, paying for something you do not have. And that is what we are doing to a future generation that would come 40 years after today.

There were uninterrupted criticisms leading up to the 2016 elections. How the then administration was borrowing; How debt was taken from 9 billion in 2009 to 120 billion in 2016 were top issues being tabled by politicians and economic experts.

Today, one administration in 4 years had borrowed 171 billion Cedis in debt. Yet we can’t hear the same loud critics from the media, politicians and economic gurus. If for nothing at all, if John Mills and John Mahama were forced to pay for the loans they took, they would go and sell these (achievements which are listed below –what the erstwhile government used the borrowed monies for) and attempt to pay for the loans:

1. Atuabo Gas Processing Plant

2. Kumasi Shoe Factory

3. Komenda Sugar Factory

4. Cape Coast Stadium

5. 123 senior high schools

6. University of Ghana Medical Centre

7. Ridge Hospital

8. Ga East Hospital

9. Was Regional Hospital

10. Bolgatanga Regional Hospital

11. Dodowa District Hospital

12. Fomena District Hospital in the state this government has left it.

13. Tepa District Hospital also in the state this government has left it

14. FPSO Kwame Nkrumah

15. FPSO John Mills

16. FPSO John Kufour

17. University of Health and Allied Sciences

18. Kpong Water Treatment Plant

19. Kyebi Water Treatment Plant

20. Nungua Water Processing Plant

21. Mampong Water Treatment Plant

22. Kwame Nkrumah Circle Interchange

23. Pokuase Interchange (don’t forget the cost of the project is part of the debts Mahama accumulated)

24. Obitsebi Lamptey Circle Interchange (also part of the debts Mahama accumulated)

25. Tema Motorway Roundabout (also part of the debt Mahama left behind)

26. Tema Akosombo Railway line (part of the debt he left behind)

27. Parts of the Eastern Corridor Road

28. Fofulso-Sawla Road

29. Kejetia Market

30. Ho Market

31. Ho Airport

32. Wa Airport

33. Kumasi Airport Phase II

34. Terminal 3 at Kotoka Airport

35. University for Environment and Sustainable Development (located at Somanya also part of the debts he left behind)

36. Elmina Fish Procession Plant

37. Kotokuraba Market

38. Accra Digital Centre

39. Ministry of Foreign Affairs building

40. Ministry of Communication building

Just to mention a few

If the Akufo-Addo government that has borrowed 171 billion in 4 years is asked to list possible projects they would sell to pay off their debts if they are so asked to do, what would those projects be? Please fill the list for just 10.

1. Cathedral?

2. Ghana Beyond Aid?

3. One District One Factory? How many has be built as a government?

4. One Village One Dam? How many dams are still active?

5. Free SHS?

6.

7.

8.

9.

10.

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