Ghana’s Rising Debt: It’s difficult to justify that we borrowed for sustainable development – Prof Peter Quartey - MyJoyOnline

Ghana's escalating debt raises concerns about its justification for borrowing, particularly in the context of sustainable development. Professor Peter Quartey, a notable economist, highlights that the nation’s increasing financial obligations present significant challenges to economic growth and stability. He emphasizes that while borrowing can be essential for funding crucial projects, there is growing skepticism regarding whether these loans are being utilized effectively or directed towards sustainable initiatives.

Quartey points out that a substantial portion of the borrowed funds appears to have been spent on recurrent expenditures rather than on long-term developmental projects that would benefit future generations. This misallocation risks deepening the country’s fiscal woes and undermining economic resilience. He urges policymakers to adopt more stringent measures in managing public finances and ensuring transparency in how borrowed funds are deployed. As Ghana navigates its fiscal landscape, it becomes imperative for authorities to prioritize sustainable investments over short-term spending, fostering both accountability and growth in a challenging economic environment.