The Minority Leader in Parliament, Osei Kyei-Mensah-Bonsu, has predicted that Ghana’s debt will hit quadrillion by the end of 2015 if the government’s borrowing spree does not stop.
Kyei-Mensah-Bonsu says Ghana’s debt is now $95 billion from $9.5 billion and that it will hit $100b by the end of the year 2015.
The Minority Leader was commenting on the issue of excessive borrowing by government on Atinka FM.
He said the current debt of $95billion is not sufficient for the government and will, therefore, keep borrowing to support the economy.
The Minority leader said he would not be surprised if the country’s debt hits the quadrillion mark by the end of 2015.
Meanwhile, the Minority Leader is calling for the enactment of a Financial Intelligent Act (FIA) to tackle corruption.
“We are witnessing an unprecedented corruption in Ghana and so if actions are not taken, things would get worse’, he warned.
The Minority Leader noted the FIA empowers the bank to call people to explain huge and questionable amounts transferred into their account..
He said the law will help fight corruption and money laundering.