BTA Holds Business Summit On Addressing Ghana’s Public Debt

Chief Executive Officer (CEO) of Gold Cost Financial Holding, Mr. Kwame Asomaning, says government does not need to borrow its own currency before it spends.

Mr. Asomaning made this observation when he spoke at the 3rd Business Summit organised by Business Television Africa (BTA) in collaboration with Gold Coast Financial Holdings, all members of Groupe Nduom.

The event, which was held yesterday at the Coconut Grove Regency Hotel in Accra, was on the theme: “Ghana Debt In Perspective: The Way Forward.”

Mr. Asomaning who made his presentation through power point could not understand why government must first borrow from the public before it can spend.

According to Mr. Asomaning, who is also a lecturer at the University of Ghana Business School (UGBS), “spending comes first before borrowing.”

He noted that government cannot sell bonds unless “it has first provided the currency and reserves that banks need to buy the bonds.”

He explained that government also does not need tax, instead “it must spend before any taxes.”

That, Mr. Asomaning explained, will create more jobs and expand the economy.

A Senior Lecturer of UGBS, Professor Godfred Bokpin, who was one of the speakers, also delivered an address at the summit.

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