Member of Parliament for Bia East, Richard Acheampong says government is mortgaging the future of Ghana with the $50 billion Century Bond that the Nana Addo Dankwa Akufo-Addo led administration is seeking from China.
Speaking to Kwame Afrifa-Mensah on Happy FM’s “Epa Hoa Daben’’ show, Mr. Acheampong reiterated that the minority’s stance on the Chinese Bond, claiming that if Ghanaians are not careful they will be paying off the bond that he feels is more expensive than all the natural resources of the country put together.
He said, “The Minority in Parliament will not look on for government to sell the future of Ghanaians.’’
He said, in spite of the imminent danger the bond poses to the economy of Ghana the minority will be better prepared, to talk about the bond when Government furnishes them with the appropriate documents. For now, they are basing their arguments on the information Government communicators are putting across.
However, discussions about the ultra-long term bond have been fraught with uncertainty due in part to interest rates fluctuations that can lower yields for investors; however, some analysts say there is a growing demand for these types of bonds.
Many of these long-term bonds contain an option that lets the issuer to partially or fully repay the debt before the scheduled maturity.
With Ghana exiting the IMF programme by the end of this year, President Akufo-Addo stressed that the country is determined never to return to that arrangement.
By: Bridget Mensah