The Minister of State in charge of Financial and Allied Institutions, Mr Fifi Kwetey, says the Danquah Institute’s criticism of Ghana’s economy is a sign of the institute's refusal to "appreciate the real difficult issues in the economy”.
Speaking to Citi News, Mr. Kwetey said the “condemnation though not bad, was an analysis which should have been a little more thorough”
The Danquah Institute in a press statement said, the country was going back to its "2000 status of a poorly-indebted, and with very little to show for this high level of unprecedented borrowing and spending."
The statement also criticized the excessive borrowing by government during an election year."In 2012 alone, government borrowed in excess of GHc7.1 billion from the domestic market, against a projected borrowing of GHc2.7 billion."
Explaining the inevitable circumstances under which government had to resort to borrowing; Mr Fifi Kwetey said government had no option than to resort to borrowing to run public institutions.
“If you still have to run public administration, if you still have to invest in infrastructure, if you still have to settle debts, you obviously have no option than to resort to borrowing to do so. It doesn’t take a rocket scientist to understand why there seems to be increasing domestic borrowing at the moment,” he maintained.
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