Joyce Bawah Mogtari has raised serious concerns about Ghana’s debt accumulation under the Akufo-Addo administration, questioning both the cost of borrowing and the economic logic behind it.
Addressing listeners on Joy FM, the Presidential Advisor described the country’s debt profile during that period as alarming, particularly the interest rates attached to commercial loans.
“Under your tenure, Ghana had huge debts, literally very high debts. We bought at very high rates, very high commercial rates. Sometimes you hear some of those coupon rates, and you marvel,” she said.
Mogtari questioned whether sufficient thought was given to the long-term sustainability of the borrowing decisions and whether the investments funded by those loans could realistically generate returns.
“So what are we going to do with this money?” she asked. “If it were your private business, irrespective of what you invested in, you might never be able to recoup, even to pay off these debts.”
According to her, governments must always consider the burden such decisions place on future administrations and generations, especially when repayment terms appear unfavourable from the outset.
