Deputy Minister for Finance, Kwaku Kwarteng has said, government decision to borrow is very crucial and forms part of efforts to revamp the country's economy.
The New Patriotic Party(NPP) while in opposition, criticized the Mahama-led administration for excessive borrowing and suggested that,the country does not need external assistance to survive.
But the new government since coming into power has also borrowed over GHC30 million mostly from external outfits since January.
Speaking on Accra-based Citi FM,Mr. Kwarteng said," we are trying to measure the rate at which borrowing should be decreased with the need to spend on certain critical expenditures as certain financial commitments were made before we assumed office,"he stated.
In view of that, he said, government would need to do some critical borrowing to deal with the immediate burden which has affected the rate at which it wanted to reduce borrowing.
He added government is not in the position to do things as quickly as it wanted, "but with time we will get there and borrowing would be reduced."
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