"Ghana's debt stock peanuts, I'll borrow more" - Akpaloo

Flagbearer of the Liberal Party of Ghana (LPG), Kofi Akpaloo says he will borrow more money to solve Ghana’s problems if elected into office.

Mr. Akpaloo says the United States and Japan alone are owing more than the entire African continent, therefore describing Ghana’s debt stock as “peanuts”.

He was speaking at the IMANI Minority political parties debate at the University of Professional Studies – Accra (UPSA) auditorium on Thursday.

“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!”

For this reason, Mr. Akpaloo says he will borrow more if he’s elected in order to expand Ghana’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”.

Ayariga opposes Akpaloo

But the All People’s Congress’ (APC) Hassan Ayariga objected to the view, saying Ghana’s natural endowments are being depleted for their usage as collateral to secure more loans.

Mr. Ayariga retorted borrowing is the resort of poor managers of the economy.

“It is only when you do not know how to manage the economy that you go borrowing”, he said.

“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.

The APC flagbearer added Ghana has been borrowing for a long time and yet has nothing to show for it.

“If you keep doing that, you will lose 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?”