{"id":66418,"date":"2014-11-19T09:43:16","date_gmt":"2014-11-19T09:43:16","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=66418"},"modified":"2014-11-19T09:43:16","modified_gmt":"2014-11-19T09:43:16","slug":"ghanas-ballooning-debts-will-burden-generations-uk-npp","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/11\/ghanas-ballooning-debts-will-burden-generations-uk-npp\/","title":{"rendered":"Ghana\u2019s ballooning debts will burden generations \u2013 UK NPP \u00a0"},"content":{"rendered":"
Another 3% increase in Ghana\u2019s debt stock has triggered concerns among economists and some members of the opposition New Patriotic Party (NPP) in the UK.<\/p>\n
Ghana\u2019s public debt stock increased by about GHS2.1 billion from June to August 2014, rising from GHS63.6 billion to 65.7 billion cedis.<\/p>\n
Speaking after the Annual NPP fundraising dinner held in London, a member of the Communication team Da Costa Aboagye said: \u201cThe trend of borrowing is worrying thus to preserve the future generation from paying huge debt, we must not let the Mahama- led government load us with perpetual debt.\u201d<\/p>\n
He said the principle of \u201cspending money to be paid by the future generations under the name of funding is but swindling the future generation. The scale of government borrowing has been overwhelming in recent times. The NDC inherited a public debt stock of GHS9.5 billion in 2009 from the NPP.\u201d<\/p>\n
[contextly_sidebar id=”H2IZN9q4w5jW611YMxc7OMAPWGNgF6ye”]The ratio of the debt to GDP rose to 57.3% at the end of August from an initial 55.4% at the end of June.<\/p>\n
The debt stock level increased by almost GHS13.8 billion in the first eight months of the year representing a 26.5% increase.<\/p>\n
\u201cThe question is why is our debt too high? – Ghana\u2019s debt is too high because of government incompetence; government borrows too much, spends too much, mismanages too much, loses too much via corrupt practices and has left us with too much national debt,\u201d he lamented<\/p>\n
\u201cIt is an anxious time. Prices and bills keep going up \u2013 petrol, electricity, food and water and you wonder how the next generation is going to manage,\u201d he added.<\/p>\n
The Finance Minister Seth Terkper will present the 2015 Budget to Ghana\u2019s Parliament on Wednesday and is expected to explain how it will finance the budget to bring the economy back on track.<\/p>\n