“Paramount Chief of Essikado Criticizes MPs’ Loan Approvals Despite National Debt Crisis”

Nana Kobina Nketsia V, the Paramount Chief of Essikado Traditional Area, has raised concerns about the substantial number of loans approved by Members of Parliament (MPs). Speaking at a public event marking 30 years of parliamentary democracy in Takoradi, he emphasized the need for transparency in MPs’ voting records, especially regarding loan agreements. Nana Kobina Nketsia V stressed citizens’ right to know their elected representatives’ voting patterns, particularly on loan endorsements that have contributed to Ghana’s current debt crisis. He called for clarity on the voting records of specific MPs from his area, including former Sekondi MP, Paapa Owusu Ankomah, and current Essikado-Ketan MP, Joe Ghartey. He questioned the rationale behind frequent approval of loan agreements without acknowledging their role in the nation’s mounting debt burden, emphasizing the importance of accountability and responsibility in the approval process. Nana Kobina Nketsia V’s concern stems from Ghana’s rising public debt, which reached ¢402.4 billion in July 2022, equivalent to 68% of GDP, contrasting with the World Bank’s projected debt-to-GDP ratio of 104.6% for 2022. The domestic debt increased due to significant government borrowing, necessitating greater transparency and accountability in decision-making, particularly regarding loan agreements.