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Video: NPP’s reckless borrowing unprecedented – Kpessa-Whyte

Michael Kpessa-Whyte has described the ruling New Patriotic Party as the government with the highest borrowing record since precolonial times.

The former presidential staffer under the previous Mahama administration’s comments come on the heels of a  $2 billion Master Project Support Agreement (MPSA) between Ghana and Sinohydro Corporation Limited for construction of priority infrastructure projects.

Under the deal, Sinohydro Group Limited of China will provide $2 billion of infrastructure of government’s choice in exchange for Ghana’s refined bauxite.

Ghana will establish a refinery within the next three years and select its own partner to undertake the refining of the bauxite.

But the Minority says the deal would violate the Extended Credit Facility the IMF and the World Bank committed Ghana to since that would significantly increase the country’s debt stock though government maintains it is a ‘barter’ agreement.

Aside from that, the president whiles in China also hinted of government readiness to raise $50 billion century bond to expand the country’s infrastructure to create job opportunities.

Mr Kpessa-Whyte questioned why the Akufo-Addo led-government would consider a deal which would leave generations unborn with huge debts while they had castigated the opposition National Democratic Congress over loans for infrastructural development when they were in power.

In his estimation, the agreement does not only contradict Vice President Mahamudu Bawumia and his party’s stance on government borrowing, but has left a record as the government with the highest borrowing in history.

He tweeted, “Dr. Bawumia [back then! Condemned borrowing] now he is leading the borrow team of the NPP and Akufo Addo government. Borrowing more than any government in postcolonial history.”

See Tweet below.


 

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