GhArticles.com Every News in Detail
John Dramani Mahama, the presidential candidate of the National Democratic Congress (NDC), has pledged to introduce amendments to the Public Financial Management Act that would set a limit on how much Ghana can borrow from external sources.
During his Greater Accra regional campaign in Dodowa, Mahama addressed a crowd and highlighted the lack of transparency in the nation’s debt management.
He proposed that an NDC-led government would establish an independent department within the Ministry of Finance, responsible for overseeing debt management.
This new department would be tasked with releasing quarterly updates on the country’s debt-to-GDP ratio.
He noted, “Currently, Ghanaians only hear about our national debt when the Minister of Finance presents the budget.
NDC will change this approach by creating a Debt Management Authority, headed by an autonomous leader, who will ensure the debt-to-GDP figures are released every quarter.”
Additionally, Mahama emphasized that a revised Public Financial Management Act would include a clause limiting the Finance Minister’s borrowing capacity.
He suggested that if the borrowing limit is set at 60% of GDP, it would prevent future ministers from accumulating unsustainable debt levels, which burden future generations.
