Ghana Eurobond, third largest in Africa – Finance Committee Member
Senior Finance Committee member of the 8th Parliament of the Republic of Ghana, Dr. Cassiel Ato Baah Forson has revealed that Ghana’s Eurobond is the third largest in Africa.
The finance committee ranking member who made the revelation during a one-on-one interview on GTV’s flagship program the Breakfast Show insisted that Ghana being third on the newspaper block shows the country is to a high level of indebtedness.
Reacting to remarks made by the Vice President, Dr. Mahamudu Bawumia, on Thursday, April 7, 2022, Dr. Ato Forson, explained that the country is facing excruciating difficulties due to reckless borrowing by the government led by Nana Addo-Bawumia.
He insisted that Ghana is in the current economic difficulties, due to wrong policies, programs, actions and inactions taken by the country’s economic management team and not the cause of the coronavirus (COVID 19) or of the Russian-Ukrainian war as Dr. Bawumia wants Ghanaians to believe.
Dr. Cassiel Ato Baah Forson
Dr. Ato Forson, who is a former Deputy Minister of Finance, questioned:
“Why didn’t the Russian-Ukrainian war have a direct impact on the economies of our neighboring countries such as Côte d’Ivoire, Nigeria and Togo?”.
New Patriotic Party (NPP) Government Economic Management Team Leader Dr. Bawumia speaking at a forum organized by the New Patriotic Party (NPP) Higher Education Confederation (TESCON), in collaboration with the Think-Tank Danquah Institute on Thursday, April 7, 2022, took the time to explain what he believes explains Ghana’s faltering economy.
According to Dr Bawumia, apart from the Covid-19 pandemic, the Russian-Ukrainian war has had a negative impact on Ghana’s economy.
But, Dr Ato Forson disputed Dr Bawumia’s claim that the Nana Addo-Bawumia led government’s unquenchable appetite for borrowing has landed the country in its current high level of debt.
The former deputy finance minister pointed out that the government led by Nana Addo is not the only administration to have faced global challenges, adding that previous governments have also faced worse challenges than the current government. .
According to Dr. Ato Forson, it is unacceptable for the government to attribute the woes facing citizens to the Russian-Ukrainian crisis. He said it’s because other countries, despite the pinch of the crisis, have managed to grow their economies.