A Private Legal Practitioner Lawyer Yaw Boafo has attributed the country’s woes to excessive borrowing from foreign partners, mismanagement and reckless spending on the part of state officials.
He believes excessive borrowing seems to have a toll on the lives of the citizenry and the economy.
Speaking on Ultimate breakfast show hosted by Lantam Papanko, he said mismanagement of state resources by state officials account to excessive borrowing.
‘Mismanagement and corruption are the causes of our excessive borrowings, and yes we can talk of infrastructural development, but they are minimal part of the money borrowed,’ he asserted.
He described handlers of the country’s economy as incompetent, saying the Mahama-led National Democratic Congress (NDC) government is only good at taxing the citizenry.
‘‘I don’t know the people who run our economy but I believe we have phd holders or highly educated,…it’s too simplistic to say we are borrowing, there doesn’t seem to be that kind of innovative, smartness, I mean it’s too illiterate, sorry to say this because every time we hear this kind of things, people come to tell us that we have gone to the Euro bond market and we have raised one billion, we are done borrowing, I mean if this is how people are paid to run the economy, then we have a problem.
Because the point is, so simplistic, how incompetent the handlers of the economy are. They cannot do anything without taxing, look at president Mahama’s almost four year term, apart from taxing and borrowing what else have they done,’ he said.
He said there is a disparity between money invested in infrastructural developments as against monies borrowed by government.
The former Ashanti regional president of Ghana Bar Association (GBA), said government expenditure outweighs the monies borrowed.
According to him, government’s expenditure is bloated without corresponding returns.
‘This is the government that has a bonus, inflow, from the independence time it’s always been the traditional exports like the cocoa, timber, donor funding here, we never thought we were going to have oil.
Look at what we see, the propaganda that we hear is that the government is borrowing for infrastructure, look at the percentage of the money borrowed as compared to money invested in infrastructural development, we borrow money to pay for people and government’s corruption and mismanagement,’ he fumed.