Former Finance Minister, Seth Terkper has advised government to learn to put international support to good use and reap its full benefits while it lasts.
According to him, a seeming failure of the usurped Afghanistan government to use the international support they received to build strong structures resulted in them being found wanting when the United States and its allies departed the country.
Terkper, speaking on JoyNews’ Upfront, stated that Ghana could find itself in a similar situation should international support finally be fully withdrawn.
He explained that with Ghana recently declared a middle-income country, international aid funds and grants have been dwindling sharply, leaving the country to borrow more.
“We have become a middle-income country; for example, we see our reliefs, we see grants and others dwindling. And that is because we have now gotten into a certain global definition of a middle-income country, and that is how you will be treated.
“If you continue to think that these resources will continue flowing – and it was JoyFM that said this morning that by 2024 government does not see much of the resources coming, which is what happened when I, as Minister of Finance on behalf of his excellency the President, Mahama brought HIPC to a close because the funds from HIPC were no longer coming. There was room to borrow,” he said.
He, however, expressed concern that should the country continue to borrow at the rate it is doing now, it would result in dire consequences.
He stated that, with the country now considered a middle-income country, it would no longer be treated with baby hands when it becomes heavily indebted.
“And so if you continue to borrow today, we’re not borrowing to fill a space that was left by debt forgiveness, and that was why we seem to be moving back to a HIPC status.
“But remember this time around, we’re no longer a fragile state, we’re no longer a developing country, we’re a middle-income country, and the world will be looking at us as such,” he said.
Latest Stories
-
‘We’ll calculate IGP Yuhono’s real age at the right time’ – Afenyo-Markin
47 seconds -
Absa Group appoints Kenny Fihla as Group Chief Executive Officer
7 minutes -
Azubi Africa and Generation partner to launch Free AWS Cloud Computing Program in Ghana
11 minutes -
Alagumgube Association donates essential items to Regional Hospital’s Maternity Ward
22 minutes -
Former Akuapem North MP sues TikToker; demands GH₵5m for defamation
26 minutes -
PRESEC ’96 Year Group to host groundbreaking education forum
41 minutes -
VIP Jeoun rescinds transport fare hike after gov’t intervention
45 minutes -
Our acquisition by OPCL was carried out transparently – Ghana Bauxite Company
45 minutes -
Amin Adam defends COVID-19 loans, dismisses claims of recklessness
49 minutes -
World Cup 2026Q: Elisha Owusu backs teammates to beat Chad and Madagascar
54 minutes -
Eastern Region FDA seizes unregistered drugs at community Information Centres
58 minutes -
President John Mahama’s X account restored after a hack
58 minutes -
Ghana Federation of Disability Organisations commends Multimedia for supporting PWDs
1 hour -
Tom Vernon leaves Right to Dream, San Diego and Nordsjaelland boards
1 hour -
Treason felony trial: Oliver Barker-Vormawor officially acquitted and discharged
1 hour