Deputy Finance Minister-designate Thomas Ampem Nyarko has dismissed claims that the Mahama-led government has borrowed over ₵38 billion within its first four weeks in office.
According to the Asuogyaman MP, the administration is prioritizing revenue generation through strategic measures rather than excessive borrowing.
Facing the Appointments Committee on Monday, February 24, 2025, Mr. Nyarko challenged the accuracy of the borrowing figures.
“Mr. Chairman, I’m not too sure if the information he is giving about the quantum of the government borrowing is accurate. The briefings that I had indicated that we have borrowed on a net basis far lower than what you are putting, but we will have to interrogate that in due time,” he stated.
His response followed concerns raised by Tano North MP Dr. Gideon Boako, who argued that the government had borrowed ₵38.5 billion from the domestic market within its first month despite its campaign pledge to reduce borrowing.
“If you follow the trend within January alone, contrary to what we have been told by the government that we want to cut the borrowing and bring the rates down, this government in four weeks has borrowed ₵38.5 billion. That is not a good sign to signal rates to come down,” Dr. Boako asserted.
In response, Mr. Nyarko emphasized that the government is committed to enhancing revenue generation and cutting expenditures to finance its programs.
“As for the expenditure, we need to constrain it. Without that, there is no way we will be able to achieve our target. Cutting down the number of ministers by about 24 is signalling that the government recognizes the challenges that we are in,” he added.
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