Member of Parliament for Bolgatanga Central, Isaac Adongo has chastised the Akufo-Addo government for its insatiable taste for borrowing.
He said the government under President Nana Addo Dankwa Akufo-Addo is collapsing the country’s economy with the issuance of bonds and using revenues accrued from taxes to service debts.
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In an interview with Prince Minkah on XYZTonight, the MP who is also a financial analyst said from 2013 to 2016 the Mahama administration did a total revenue and Grants of 17.9 percent, almost 18 percent of GDP.
“Non-oil year on year tax revenue declined from 14.5% in 2016 to 11% in 2019,” he said as he urged the government to seal all leakages hampering revenue generation.
“NDC performs better with the economy than the substandard NPP government. This government cannot compare its economy with Mahama’s economy,” he added as he projected debt to hit the rooftop by 2024.
He argued that the country’s economy collapsed before Covid 19 pandemic so the government should stop blaming their failures on the pandemic when they have used GETFund to securitize future revenues of the Ghana Education Trust Fund (GETFund).
Last week, Adongo spoke on the securitization of future GETFUND revenues, and remarked that “the proceeds from GETFund is securitized to procure loans and bonds totalling $1.5 billion.”
“The recently laid GETFUND formula for 2021 revenue distribution shows clearly the securitization of its future revenues has basically collapsed GETFUND, Adonfo stated. “With outstanding loans and bonds of GH¢1.8 billion by the end of 2020, GETFUND is spending about GH¢1.5 billion to service its debts for 2020 and 2021.”
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