Interest on loans under Prez Mahama is costing us GHC9billion –Boakye Agyarko

The 2016 Policy Advisor to the opposition New Patriotic Party (NPP) Mr. Boakye Agyarko, has revealed that Ghana is paying a colossal GHC9 billion as interest on loans contracted by the Mahama led NDC administration.

“We are paying over 9 billion cedis just in interest on the loans,” he noted.

Mr. Boakye Agyarko, who disclosed this on Oman FM’s Political Analysis programme “Boiling Point”, accused Mahama administration of engaging in what he described as excessive borrowing.

“Government has been borrowing left, right and centre without reasonable course,” he fumed.

Ghana’s debt stock as at December 2015 stood at $25.6million.

Mr. Agyarko blamed government for the high interest rate being charged by the banks in the country arguing that because of “ridiculous” interest rates being offered by government to the banks, it has encouraged them, to raise their interest rates to customers.

The former vice President of the Bank of New York also took a swipe at government for burdening the ordinary Ghanaian and the private sector with numerous taxes.

The excessive taxes, Mr. Agyarko noted has crippled several businesses in the country resulting to hundreds of workers being thrown out of jobs.

What saddens Mr. Agyarko is the fact that a greater part of the taxes generated by the Mahama administration goes into the payment of wages and salaries.

He charged Ghanaians to have faith in the NPP and vote massively for the party during the upcoming general elections.

“We will manage the economy competently and restore macroeconomic stability so that companies can expand to create jobs,” he assured.

Story by: Michael Creg Afful

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