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Ghana's Finances NPP's alarming borrowing might get us back to HIPC - Spio Garbrah

But Spio Garbrah said they have have gone back on this promise and are borrowing more now than the previous administration.

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Former Minister of Trades and Industry Dr. Ekow Spio Garbrah play

Former Minister of Trades and Industry Dr. Ekow Spio Garbrah

Former Minister of Trade and Industry under the erstwhile NDC administration, Dr. Ekow Spio-Garbrah has warned of the consequences of the incessant borrowing by the current government.

He said the rate at which the New Patriotic Party is borrowing with a just over a year in government might hurt the country soon.

Prior to the 2016 general elections, borrowing became one of the main campaign issues with the NPP promising to significantly cut it should they win power.

READ ALSO: I won't contest Mahama in 2016 - Spio-Garbrah

But Spio Garbrah said they have have gone back on this promise and are borrowing more now than the previous administration.

"They complained a lot about the rate at which the government at the time was borrowing but at the last count, “they have borrowed about 10 billion dollars”, he said.

Mr Spio-Garbrah stated further that “there is a lot of assets in the country….If you go to the airport residential area and cantonment most of the houses there have been paid for….they have been paid for twenty-thirty years ago. Most Ghanaians build their houses without mortgages so a lot of capital is locked up in people’s homes.”

The former Minister, who is seeking to lead the NDC in the 2020 general elections also said when given the mandate to govern Ghana,  he will have much tighter public sector appointment process, where the growth of the public sector will reflect the growth of the economy.

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