Business General

$50bn century-long bond useless, ill-conceived – NDC

The opposition National Democratic Congress (NDC) is questioning why the Akufo-Addo led-administration has decided to go for a $50 billion century-long to fund developmental projects.

Deputy Minority Leader, James Kluste Avedzi argues that government cannot determine what future leaders should do with their money.

The president is reported to have told Chinese President Xi Jinping during a visit to that country that the century-long bond “will provide us with the resources to finance our infrastructural and industrial development. We are hoping that, at some stage, China will interest itself, and take a part of it as China’s contribution to Ghana’s development”.

Government spokespersons have suggested that the decision is a strategic alternative to the rather expensive short term loans.

But the Minority says government should have considered the restraints the bond will have on generations to come before deciding on the move.

“How many generations of Ghanaians will be made to pay that loan back to the investors? It is my generation, the president’s or generations after my children or my children’s children.

“We need not mortgage the future of this country, we will have a different crop of leaders tomorrow and we have to give them space to decide on their own,’ he said on Joy FM on Monday.

For him, changes in technology will result in changes in needs and the government cannot be in the position to decide how future generations use the country’s money.

“What will be developmental needs of Ghana in hundred years from now, what will be interest rate on that bond in 50-100 years from now? It is difficult to determine as at now.”

He continued that “I am getting a sense that if we are borrowing $50 billion for developmental projects in Ghana today, first of all, technology will change in some years to come.

“Maybe in 20 years to come what you will be providing today might not be relevant again. As technology changes the needs of the people change accordingly so we cannot go and borrow for a period of 100 years,” he stressed.

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