Dr Papa Kwesi Nduom has lamented over the “reckless borrowing” of the Mahama-led administration, saying the development has taken Ghana back to the days leading to the Highly Indebted and Poor Country (HIPC) debt forgiveness.
According to the business mogul, the “insatiable appetite” of the National Democratic Congress (NDC) government to borrow has landed the country into high debt levels that could affect future generations.
Speaking to the media on the sidelines of the launch of GN Assurance, Dr Nduom asserted the ruling government has enough experience from their times in office in the past to avoid such reckless borrowings.
“Interestingly enough, the same people PNDC then NDC1 and NDC2 they borrowed a lot and then at some point we [had] to go declare HIPC, our debtors forgave us tonnes of money and then some people said the debt levels are too low so let us go borrow some more,” the 2012 presidential candidate of the Progressive People’s Party said.
Dr Nduom wants government to be bold and face the economic difficulties while finding a home grown solution rather than running to the Britton Woods for financial assistance that would harm the economy in the long run.
“At some point you got to accept that yes we will suffer, but it’s better we suffer now and learn to live within our means than to go borrow to showcase projects of several types so we can feel good about many things and postpone the inevitable,” he added.
The politician/businessman wants government to work strenuously hard to create wealth for the country since some of the handouts given by the foreign countries are demeaning to the nation.