According to Gabby Asare Otchere-Darko, a stalwart of the New Patriotic Party (NPP), the government may have to borrow money soon in order to pay its employees in the public sector.
Gabby claims that Ghana’s current economic situation is not desirable because the nation uses all of the money it earns to settle its debts.
In a tweet posted on Monday, June 27, Gabby said that although Ghana’s economy is among the fastest-growing in the world, investors still lack faith in the capacity of the government to pay back the money it borrows.
“Our economy is growing faster than most countries around the world. But, that alone can’t save us as confidence in our ability to service our debts is lowering.
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“We can’t continue to use all the little revenues raised to pay our debts. Very soon we may have to borrow to pay wages!” the tweet shared by the NPP member read.
In an earlier tweet, Gabby said that he agrees in principle with Ghana going to the International Monetary Funds (IMF) for a financial bailout.
“I am not for an IMF program that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses more. Covid-19 and War in Ukraine are not of Africa’s doing but more to our doom. A program that pretends it is all our doing is doomed to fail,” Gabby wrote.
“Am I against an IMF program in principle? No,” the tweets he shared on June 27, 2022, read.
He indicated that the justification for Ghana going to the IMF for a bailout is the impact of the COVID-19 pandemic and the Russia-Ukraine conflict.