Dr. Bawumia has advised president Mahama to seek advise about the true state of Ghana’s borrowing.
He discloses that the president is been ill-informed by his advisors.
He also debunks the assertion that the NPP is the cost of the rising cost of Ghana’s debt.
Dr. Bawumia, who spoke on the back drop of President Mahama’s statement on Ghana’s public debt standing at $37 billion noted that the president’s misinformation of the facts clearly indicate that, the President needs a bit more briefing about Ghana’s public debt stock.
The former deputy governor of the Bank of Ghana’s statement comes as a rebuttal to president Mahama who is reported to have told the NPP stalwart his lies cannot win them power.
Speaking to students of the Jasikan College of Education in the Volta region, Dr Bawumia disclosed that in the last seven years , Ghana’s total debt had increased from GH¢9.5 billion to a projected GH¢99 billion by the end of 2015 under this NDC government. He added that 90% of Ghana’s total debt since independence has been accumulated under this NDC government between 2009-2015.
Dr. Bawumia, revealed that from the president’s presentation of the job, it was obvious that Mr. Mahama does not have an idea of the exact amount that his government has borrowed in the last eight years.
Sadly, the two public comments President Mahama has recently made on Ghana’s public debt are patently false and I am sure if His Excellency was properly briefed, he would not subject himself to such embarrassment,” Dr Bawumia emphasised.
Dr. Bawumia also debunked some assertions made by President Mahama’s that the NPP government accumulated $14 billion out of 41% of Ghana’s external debt, between 2001 and 2008.
He explained that Ghana’s external debt stock declined from $6.1 billion in 2000 to $3.8 billion by 2008. This he said was as a a result of the HIPC initiative and prudent borrowing. According to him, the debt has since increased by $10.2 to $14 billion in 2015.
“The facts therefore show that 72% of Ghana’s external debt stock and 90% of Ghana’s total debt stock was accumulated during the last seven years,” he noted.
He added that the president’s inability to tell Ghanaians the truth is as a result of his unwillingness to be honest with the Ghanaians. He also hinted that perhaps, it could be as a result of the fact that the economic advisors of the president do not tell him the whole truth about the state of Ghana’s borrowing.
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