Kofi Akpaloo of the Liberal Party of Ghana has no qualms with racking up Ghana’s debt as long as it is in the service of development.
Speaking on the Point Blank segment on Eyewitness News, Mr. Akpaloo said there would be no limit to his borrowing despite the fact Ghana’s debt stock has been steadily ballooning.
The debt stock stands at GHS255.7 billion, as of June 2020. The current debt stock is 66.36 percent of GDP.
“What is wrong with borrowing? Americans borrowed and they borrowed and they continued borrowing. I am going to borrow as long as the money is available. I will borrow as much as I can. I am not going to have any limit,” he said.
The presidential aspirant said the borrowed money will be used for developmental projects like housing.
“I will use those houses as collateral [for more loans]. I will use those houses as assets… When you have money and the money does not do anything, that is where your thinking comes in about inflation. I am going to put the money into programmes and into projects,” he told host of Eyewitness News, Umaru Sanda Amadu.
Though he could not point to a successful example of his plans, he insisted that “you don’t need to use this module anywhere before you can use it here [in Ghana].”
Mr. Akpaloo also agreed that such a strategy could be a gamble.
“But you have to take risks. In this life, you have to take risks,” he said.
Mr. Akpaloo made an unsuccessful bid for the presidency in 2016. After that, he renamed the independent Peoples’ Party to the Liberal Party of Ghana in 2017.
He has selected Margaret Obrian Sarfo as his running mate.