Vice President Dr. Mahamudu Bawumia has said no government can operate without borrowing, promising that the current administration will responsibly use of loans contracted.
The Vice President’s seems a defence of criticisms that the Nana Akufo-Addo led government was piling debt up at an alarming rate, especially when they had spoken against same prior to winning the race to the Flagstaff House.
Dr Bawumia explained “a lot of people misunderstand when we say that we are going to be responsible. It doesn’t mean we will not borrow money.”
Dr Bawumia made the comments on the second day of the ongoing National Policy Summit on Tuesday, 15 August at the Accra International Conference Centre.
“No government can say they won’t borrow money, that is ridiculous, but you have to borrow responsibly and not recklessly and that is the way we are going to manage this economy,” he reiterated.
The second national policy summit opened in Accra on Monday, focusing on industrial transformation as part of government strategies to gather views from the public about how to revamp the economy for sustained growth.
The summit seeks to build partnerships with the private sector and elicit feedback to the government to enhance further policy initiatives and development.
The summit is divided into plenary sessions including presentations on government’s 10-point agenda for industrial transformation, one district, one factory initiative, establishing industrial parks and special economic zones.
Discussants would also look at export diversification and the establishment of strategic anchor industries.
The Vice President assured the audience at the summit that government was going to reduce the Debt-to-GDP ratios over time.