The flagbearer of the Liberal Party of Ghana (LPG), Kofi Akpaloo says his solution to the challenges in Ghana’s economy is to borrow more money.
Speaking at the IMANI Minority Political Parties Debate on Thursday, Mr Akpaloo compared the overall debt of Africa to that of the United States of America and Japan and described Ghana’s current debt stock as “peanuts”.
“America alone is owing $31 trillion, Japan is owing $11 trillion. The whole of Africa continent, we are owing $1.3 trillion and we are calling it debt? For me, it is peanuts. We need to borrow more!”
He added that if chosen to lead this nation in the December elections, his government will borrow more money to expand the nation’s economy.
“Our problem in Ghana, in Africa is that we are afraid to borrow money to do the right things. In my government, I will borrow money to expand our economy. I will borrow money to expand Ghana’s economy because we need to grow this economy”.
However, the flagbearer of the All People’s Congress (APC), Hassan Ayariga was of another view.
He is uncomfortable with borrowing and believes that the nation is running out of natural resources to use as collateral against these loans.
In addition to that, he believes borrowing is for those who do not know how to properly manage the economy.
“I am not comfortable with borrowing…When you borrow, you need to put up collateral security to borrow. So what are you going to trade for borrowing? We’ve traded with our bauxite, our oil, our diamonds and everything. What do we have left?” he asked.
He added that “it is only when you do not know how to manage the economy that you go borrowing”.
He likened the practice of borrowing to a family that always borrowed to take care of itself and is of the view that the country has gained nothing from borrowing.
“If you keep doing that, you will everything; your house and all your properties,” he stated.
“We can produce in this country, we can manufacture, we can feed the economy without borrowing. We have vast land, we have about, we have capital. Why do we have to borrow?… What have we achieved from borrowing?”