Prof. Godfred Bokpin speaking at the launch of the Sustainable Debt Management in Ghana report
Professor of Finance, Godfred Bokpin of the University of Ghana Business School, has called on the government to ensure that all borrowed funds are used responsibly and for their intended purposes.
He emphasised that while borrowing is an integral part of economic management, the effectiveness of loans lies in how they are utilised.
Speaking at the launch of “Sustainable Debt Management in Ghana” report on Thursday, 10th July, Prof. Bokpin noted that it is economically unrealistic for a country like Ghana to completely avoid borrowing or seeking support from institutions such as the International Monetary Fund (IMF).
He stressed that the responsible use of such funds is essential to achieving meaningful and sustainable development.
“Our recommendation is not to say that we should not borrow. We will borrow, but they must borrow responsibly, and we must utilise those funds to grow the economy, with the corresponding efficiencies, and that will bring the development that Ghanaians are looking for,” he said.
He also urged stakeholders to “Take note of how the law works with the external debts.” This, according to him, will enhance accountability and avoid debt accumulation.
Prof. Bokpin advised Ghanaians to track how borrowed funds are handled, saying, “Let us follow them, let us track how the funds are utilised, when parliament sits for a loan proposal, that is where our work starts.”
The Sustainable Debt Management in Ghana report was compiled by the Economic Governance Platform in collaboration with the Ghana Anti-Corruption Coalition and the Open Society Foundation.
It examines Ghana’s debt landscape, offering a three-pronged research approach that delves into the patterns of debt accumulation, the effectiveness of debt management frameworks, and the state of debt transparency and accountability.
The document also offers critical recommendations for improving transparency, accountability, and efficiency in public debt management.
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