Bawumia must be stopped from reckless borrowing - MP

The Member of Parliament (MP) for Bolga Central Constituency and ranking member on finance , Isaac Adongo has described the $19 billion Chinese loan as a caricature that will haunt Ghanaians if care is not taken.

“Chinese loans are always work in progress because they will never reach a conclusion. They will not give you the money to embark on the projects themselves but will prefer to bring their own contractors to come and do the work for you. They will get other benefits either than what was agreed in the deal”, he revealed.

According to him, Vice President Dr Mahamudu Bawumia must be stopped from engaging in such reckless borrowing before he plunges the economy into a big mess.

Speaking on Accra-based Okay Fm, he revealed that Chinese loan agreements are always laced with hidden interests contrary to claims by the Vice President and the majority in parliament that the terms are known.

He observed that the Chinese government even though will honour the amount it is committing, it will find a different way of repatriating more than that back to China wondering where Ghana has gone wrong in allowing the current government to take over the helm of affairs.

“I am challenging you to keep tapes of whatever they are saying in defense today. They will say a different thing tomorrow. We will subject it to rigorous debate when it is brought before parliament”, he assured.

He stated that Ghana does not have the capacity to borrow nineteen billion dollar ($19 billion) and be able to service it over the next ten years.