$1.62bn of $3bn Eurobond will be consumed by 'family and friends' – Adongo

The Member of Parliament (MP) for Bolgatanga Central, Mr Isaac Adongo, has said a chunk of the $3 billion raised from the recently-issued Eurobonds by the government will end up with “family and friends”.

Mr Adongo, a Member of the Finance Committee of Parliament, expressed worry that Ghana has moved from an era of borrowing to secure the future of the younger generation, to an era of borrowing for consumption.

He pointed out that: “If you take 2019, the $3 billion they borrowed, $2 billion is for the budget. Only $390 million will be spent on capital expenditure. $1.61 billion will go into family and friends, you know it”.

The lawmaker made these remarks during a presentation at the opposition National Democratic Congress’ public lecture on Ghana's economy in Accra on Thursday, 4 April 2019.

Mr Adongo also said: “In 2018, we [Ghana] went to borrow $750 million [but] we spent only $119 million on capital expenditure; $631 million, we spent on consumption. Our children will have to come and pay for this and they [the government] have nothing to show”.