The Convention Peoples’ Party says a government that spends more on repaying loans than it spends on growing food is incompetent.
The CPP is alarmed that Agriculture has severely shrunk from 5.7% in 2012 to 0.04% in 2015, a year in which government paid more on interests on loans than it has budgeted for.
“The government used a whopping GHC390.52 million in financing loans while it committed only GHc 27.04 million to Agriculture”.
“If this is not evidence of a misplaced priority, then it is a sign of incompetence”
The CPP’analysis were contained in a response to government’s 2016 budget tatement presented to Parliament on 13 November 2015.
The party says government’s borrowing spree is starving the economy of the much needed investments in productive sectors of the economy.
According to the CPP, the size of Ghana’s economy is only 30% of what it used to be in 2011. In effect, the economy has lost 70% of its weight in 2011.
“Our GDP growth rate, which stood at 14% in 2011, but has fallen to a b an average performance of 4% in 2015”
Source – Myjoyfm