26.1 C
Sunday, May 26, 2024
BusinessGovt borrows GHC7bn from Ghanaians to pay contractors


Govt borrows GHC7bn from Ghanaians to pay contractors


The Minority in Parliament has expressed concerns about the government’s recent borrowing of GH¢7 billion from the treasury bills market to compensate contractors outside of its budgetary allocations.

According to the Minority, this practice of exceeding budgeted expenditures for political purposes is worsening the depreciation of the cedi against the dollar.

- Advertisement -

Speaking to reporters on Wednesday, May 15, Minority Leader Dr. Cassiel Ato Forson condemned the government’s reckless spending and called for fiscal discipline.

“They are on an expenditure spree, spending money as if there is no tomorrow. In the last few days, we are aware that they have paid approximately GH¢7 billion to contractors, off-budget contractors, off-budget expenditures, GH¢7 billion.

- Advertisement -

“They borrowed from the T-Bill market, so they borrowed the money from ordinary Ghanaians then they paid this money to these contractors, and the contractors are also not certain so they have engaged in currency substitution.

“The contractors got Cedis and went and changed it into US dollars and kept the money because of a lack of confidence in the economy.”

Latest stories

I date intelligence and funny men – Tems

Grammy-winning Nigerian singer Temilade Openiyi has shared that she...

Ghanaian jailed 48 months in US for involvement in $3.8m romance scam

A Ghanaian national, Emmanuel Quamey, has been sentenced to...

Rooney given Plymouth Argyle head coach role

Plymouth Argyle, a Championship side, has appointed former England...

Ghana witnessed 2.9% GDP growth in 2023 – Amin Adam

During the Ministry of Finance's monthly briefing on Friday,...

Related stories

Ghana witnessed 2.9% GDP growth in 2023 – Amin Adam

During the Ministry of Finance's monthly briefing on Friday,...

Govt and Tullow Oil approve US$90million emissions reduction deal

Tullow Oil plc has unveiled a financial commitment of...

Cedi has experienced a 14.2% depreciation in 2024 – Amin Adam

Finance Minister, Dr. Mohammed Amin Adam has indicated that...

Cedi will be stable in medium-term after completion of DDEP – Finance minister

Finance Minister Dr. Mohammed Amin Adam has noted that...

Ghana’s Energy Transition Framework aims for net-zero emissions by 2070 – Deputy Energy Minister

Deputy Energy Minister, Collins Adomako-Mensah has unveiled an ambitious...

Govt commits GHS2.3bn to NIB restructuring and recapitalization

The government has approved GH¢2.3 billion for the restructuring...

Govt set to introduce SME training initiatives – Finance minister

The government has announced plans to enhance support for...


Please enter your comment!
Please enter your name here