Home / BUSINESS NEWS / Finance / We can’t go to IMF anymore, we have borrowed enough – Former Finance Minister

We can’t go to IMF anymore, we have borrowed enough – Former Finance Minister

Ghana is in crisis, Former Finance Minister

Ghana’s arrears piling up, Prof Botchwey

Raising revenue domestically a challenge, Prof Botchwey

Former Finance Minister, Dr Kwesi Botchwey, has said government can’t return to the International Monetary Fund (IMF) for financial assistance.

According to him, Ghana has borrowed so much money from IMF and government’s arrears keep piling up.

He furthered that generating revenue domestically will be a challenge for government.

Dr Kwesi Botchwey indicated that Ghana currently is in crisis and it’s about time government realizes the problem and faces it squarely.

He pointed out that road contractors have not been paid their due, arrears keep piling up among other bills that government cannot settle.

Speaking at the Independence Day lecture in Accra on Monday, March 7, 2022, the former finance minister accused government of imposing more hardship on already burdened Ghanaians.

“We are in the crisis…We are unable to pay our bills, we are imposing hardship even on the vulnerable, contractors go unpaid, arrears are piling up and we have borrowed so much money that servicing it is going to create a huge problem, especially for younger generations,” he said.

“In any case, you have borrowed so much that we can’t go to that market anymore and even raising the revenue domestically is going to be a problem,” Kwesi Botchwey stated.

Source: www.ghanaweb.com

About admin

Check Also

IMF still not an option – Ofori-Atta speaks on govt’s homegrown recovery plan

Govt insists IMF is not an option Govt insists on using homegrown solutions to recover …

Inflation hits 23.6% for April, highest since 2004

The Ghana Statistical Service has announced that the consumer price inflation for April this year …

E-LEVY: Check out how much GRA has made so far

The E-Levy was introduced by the government in the 2022 Budget on basic transactions related …

Leave a Reply

Your email address will not be published. Required fields are marked *

WP Twitter Auto Publish Powered By : XYZScripts.com