The National Democratic Congress (NDC) Minority will not accept the Akufo-Addo administration’s ambitious $50 billion bond unless it is backed by a national referendum, the Minority Leader, Haruna Iddrisu, has said.
The Minority leader insists that the country’s already worrying debt stock made the issuance of the century bond an unwise decision.
“Today the NPP through the Finance Minister is telling the world that they are looking to raise $50 billion century bond; a loan payable in 100 years. We demand that that decision can only be subjected to a national referendum before it will have our endorsement as a political party,” he said, while addressing delegates at the NDC’s youth and women’s conference.
The decision to issue the $50 billion century bond was first announced by President Akufo-Addo when he visited China in September.
The government has said the move to issue a century bond in the future is aimed at accelerating the country’s infrastructure development.
“There is a proposal for the administration to consider a century bond as has been done for example by China, Argentina, Austra, Ireland and even Mexico which provides ultra-long-term financing at low rates and helps you to principally refinance our current debt stocks but also provides financing for some of the major items that we intend to embark on; railway, regional intercity motorway, things like the regional airports. Industries that require financing as well and at this stage, this proposal is being considered,” Information Minister Designate, Kojo Oppong Nkrumah has said.
The Finance Minister, Ken Ofori-Atta, has already hinted that the next budget reading will reveal the processes for the issuance of the bond.
According to Mr. Ofori-Atta, the issuance of the bond should also help address major challenges confronting the economy such as the cedi depreciation.
“I think the concept will be in there and the fundraising will begin immediately after the budget. We are excited about it because we have gone through the worst of times as a country and certainly we need to increase liquidity in the system,” he said.
Source: Today
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I'm very much disappointed by no mean a person but Haruna to make such an assertion. And the honorable Haruna is a Lawyer and rhetorically very articulative. Firstly, is this assertion legally compatible in terms of raising a red card against raising bonds for development, by virtue of constitutional instrument, aligned with National Referendum? Indeed, it is not by chance, that an entity, in general terms, is accorded the credibility to enable it to raise a bond in the tune of $50 billion spread over 100 years. I think we should rather commend our Financial Management Institutions for the good job done to earn that confidence in the internal Financial Market. I would have wished for the Honorable Haruna to pose the question of how the bond is going to be utilized. Yet Haruna is an Honorable Lawyer and not only a Parliamentarian but a Minority Leader.
Gyimie gyimie
Person like Haruna should not be in Parliament by this time. How could somebody like Haruna who received double salary could be in Parliament. He has Criminal Mentality and does not think about the future of our beloved country Ghana. Dam ***barred word***. Ghana Parliament is Cheap. Also he is not shy of speaking on behalf of Ghanaians.
Haruna eoanim s3 kraman will you sh*ut the fu-ck up? what are you talking about? we the majority accept whatever this administration has for our country unlike you idi**ots who thought if yourselves, family and party they think of the nation and what us good fir the people if you ndc don't like the 100 years bond go and drink DDT ! we want our country to develop and we will support them to move our country forward ! nation wreckers, juju and voodoo worshipers who want Ghana in the stone age !
Double salary party members
eh my broda which dum and which refere. what your party borrowed from 10 to over 100billion in 8 years did we dum or refere on it. funny politicians. just wait and when it is your turn then you can take for a billion years, thats all.
HARUNA PLEASE SAYING IN THE CONSTITUTION. ?