We borrow for productive investments – Haruna Iddrisu

Minister of Trade and Industry and Member of Parliament for Tamale South Constituency Haruna Iddrisu has riposted critics of the National Democratic Congress (NDC) who have accused government of excessive borrowing.

“We borrow for productive investments,” Haruna Iddrisu said on the floor of Parliament on Thursday while contributing to the debate on the 2013 budget statement.

He cited that the rapid progress of work on the Accra-Kumasi road is as a result of the loans borrowed by government.

“The Accra-Kumasi Road will be moderate under a public-private partnership in order that it will be dualized for them [Minority MPs] to have easy access to their constituencies when travelling to Kumasi and back,” he said.

He further stated that President John Mahama has projected to create three industrial zones “in Kumasi, Sekondi-Takoradi and Tamale so that we have a dedicated industrial enclave which allows any investor who wants to set up an industry to have access to other utilities.”

MP for Anyaa Sowutuom Shirley Ayorkor Botchwey earlier on the floor lamented there is nothing to show for government’s borrowing, saying: “We are not seeing any kind of progress when it comes to the cost of living of Ghanaians”. She also said cost of doing business in the country has increased so much that some firms are folding up.

This, however, did not go down well with Chairman of the Parliamentary sub-committee on Trade, Industry and Tourism, Alhaji Amadu Sorogho, who asked the former Deputy Foreign Affairs Minister to retract her statement.

Parliament is expected to wrap up debate on the 2013 financial statement on March 15, 2013.