Dr. Sa-ad Iddrisu, a US-based Ghanaian economist has disclosed that here in Ghana we only borrow money from the international community to waste it and not develop the country.
Speaking in an interview on JoyNews monitored by 1Familyradio, Dr. Sa-ad indicated that the loans and bonds the country secures will not yield any good results.
According to him, the previous governments who borrowed money from the international community only wasted the money without using it for any developmental project. The real problem is that developmental projects that are initiated by government are abandoned by the government that takes after them.
He believes that until this problem is tackled, Ghana will continue borrowing money from the IMF and Ghanaians will not benefit from it. He furthered that we pay the loans we take with huge interest and yet still Ghanaians are not benefiting from these loans.
Dr. Sa-ad cited that loans were taken to start the Sagleme Housing Project but it has been left to rot. He advised parliament to pass a law which obliges government to complete the project started by his predecessor.
He noted that the country only has an appetite for borrowing but we don’t know how to use it in for the interest of the people.