WHERE ARE THE PROJECTS? - SYDNEY ASKS

Sydney Casely-Hayford

Posted on: www.dailyguideghana.com

By William Yaw Owusu

Monday, April 7, 2014

Financial Analyst, Sydney Casely-Hayford is challenging the government to publish a statement indicating loans Ghana has taken and the projects they have been used for.

President John Dramani Mahama rounding up his tour of the Eastern Region recently is reported to have said that the NDC government he is leading does not borrow to make merry but invest in the economy for the benefit of Ghanaians.

"We did not borrow to drink or to eat; we borrowed to bring facilities such as electricity and water to the people of Ghana", Mr Mahama told a durbar on Wednesday in the Eastern region to end his two-day visit there.

The President’s reaction appeared to be a subtle reply to Dr. Mahamudu Bawumia and the opposition NPP’s claim that Ghana’s debt stock of GH¢9.5 billion as at 2008 had ballooned to GH¢49.9 billion - representing an increase of over 40 billion in just five years.

The President then said his government will even borrow more to provide the utilities and development for Ghanaians.

Contributing to Citi FM’s news and current affairs programme ‘The Big Issue’, Mr. Caseley-Hayford the government was over borrowing but failing to show evidence of what the monies were being used for.

”If government is claiming that they have borrowed and spent money appropriately they should publish in the public and national newspaper a statement that shows all the monies that they have taken and all the projects they are used for…,” he said.

He also touched on Finance Minister’s address to parliament on last Tuesday on the state of the economy and winning investor confidence saying “nothing happening in the economy that indicates that everything is on course.”

”Seth Terkper came to parliament to basically regurgitated everything that he had said for his budget statement; a lot of what he said is in effect a re-read  of the budget that he came up with,” he said.

He also added that there was  what he called a disconnect between the President and the Finance Minister regarding Ghana borrowing money and the way they wanted to explain what they were seeking to do.

”You cannot be in a situation where you are not borrowing;…if we are going to borrow money it has to be for a specific purpose and not allow people to dip their hands into the kitty and then the project doesnt get completed, which is what we see,” he pointed out.