Minority raises concern over $50bn century bond

Mr Avedzi

Mr Avedzi

The Minority in Parliament has expressed concerns over government’s plans to float a $50 billion bond for a period of 100 years.
Plans by government to go for a $50 billion century bond can affect the fortunes of the country in the near future.

President Nana Akufo-Addo announced last Saturday that his economic management team is considering floating a $50 billion century bond, even though he did not state when.

Addressing a meeting, he told Chinese President, Xi Jinping “that 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.
However, speaking in an interview, James Klutse Avedzi, Member of Parliament (MP) for Ketu North and Deputy Minority Leader cautioned that “if you borrow $50 billion today, which you are going to service over 100 years, it means you are mortgaging the future revenue of the country and you are not going to give an opportunity for the future leader of the country to decide on its own”.

“In fact, you do not mortgage the future of the country, you are going to have a different crop of leaders tomorrow and you have to give them the opportunity to decide, the maximum we can go is 20 years,” he suggested.

Information Minister-designate, Kojo Oppong Nkrumah, has defended the reason for the bond adding that it formed part of government’s efforts to get a cheaper and longer-term loan.

Speaking in an interview Mr Oppong Nkrumah indicated that if implemented, the bond would support resource mobilisation drive. –primenewsghana.com

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