The flagbearer of the Liberal Party of Ghana (LPG), Kofi Akpaloo, says he has the antidote to Ghana’s economic woes.
In his view, the solution to post COVID-19 economic recovery is for the Akufo-Addo government to borrow more.
Mr. Akpaloo made the comment while reacting to plans by government to resuscitate the economy on Asempa FM’s Ekosii Sen programme Wednesday.
Finance Minister, Ken Ofori-Atta, announced measures put in place to boost the economy.
Amongst them were expenditure cuts, intense revenue mobilisation drive, fuel price mitigation and currency financing.
He did not mention plans to borrow more since Ghana’s total public debt stock stood at about ¢344.5 billion as of November 2021 – a situation experts have described as alarming.
Mr. Ofori-Atta is confident the measures announced will help cushion Ghanaians bearing the brunt of the economic downturn.
Reacting to this, Kofi Akpaloo said though the measures announced are a step in the right direction, there is the need for government to borrow more.
However, instead of going to the International Monetary Fund (IMF), he proposed government borrows from the Bank of Ghana.
“We don’t need any white man to tell us what to do. We can change this country on our own,” Mr. Akpaloo stressed.
The presidential hopeful explained that, owing a state bank will not put any restriction on government on how to spend the money and interest payment.
The LPG founder described Ghana’s current debt as peanuts since the debt stock of many developed countries including USA is worse.
Mr. Akpaloo stated unequivocally that, should he become President, his government will borrow more to expand the country’s economy.