Ghana will have to borrow to pay wages soon – Gabby Otchere-Darko
Ghana will have to borrow to pay wages soon - Gabby Otchere-Darko
New Patriotic Party (NPP) stalwart, Gabby Asare Otchere-Darko, has said that the government might soon resort to borrowing monies to be able to pay public sector workers.
He indicated that Ghana’s current economic stance is not the best, with the country using all the revenue it raises to pay its debts.
In a tweet shared on Monday, June 27, Gabby added that even though Ghana is one of the fastest-growing economies in the world, investors had less confidence in the government’s ability to repay the funds it borrows.
“Our economy is growing faster than most countries around the world. But, that alone can’t save us as confidence in our ability to service our debts is lowering.
“We can’t continue to use all the little revenues raised to pay our debts. Very soon we may have to borrow to pay wages!” the tweet shared by the NPP member read.
In an earlier tweet, Gabby said that he agrees in principle with Ghana going to the International Monetary Funds (IMF) for a financial bailout.
He indicated that the justification for Ghana going to the IMF for a bailout is the impact of the COVID-19 pandemic and the Russia-Ukraine conflict.
“I am not for an IMF program that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses more. Covid-19 and War in Ukraine are not of Africa’s doing but more to our doom. A program that pretends it is all our doing is doomed to fail,” Gabby wrote.
“Am I against an IMF program in principle? No,” the tweets he shared on June 27, 2022, read.
Read Gabby’s tweet below: