Ghana cannot get debt forgiveness with its huge expenditure – Ablakwa

The Member of Parliament for the North Tongu, Samuel Okudzeto Ablakwa, has stated that it is nearly impossible for Ghana to secure debt forgiveness from its creditors.

According to him, the “lifestyle” of the country does not merit the gesture it may want from creditors.

Ablakwa intimated that the country’s expenditure on certain projects and activities such as the building of the National Cathedral and the “chartered flights” are not representative of the country’s problems.

He, however, stated that unless the government adopts more head-on measures, debt forgiveness is impossible.

“We were declared a Highly-indebted poor country. In less than 20 years after we got debt forgiveness, see where we are now. Are we not ashamed of ourselves?

“They are not even ashamed to go around seeking debt forgiveness on chartered flights. We are appealing for debt forgiveness but are building a cathedral. If the President does not change his ways, we will not get the debt forgiveness we seek,” he was quoted by citinewsroom.com.

Ghana announced a suspension of Eurobond debt payments in December after it announced a domestic debt restructuring programme.

The country is however expecting a financial bailout from the International Monetary Fund to shore up its reserves and deal with the depreciation of the cedi.

SSD/DA