The government will need up to US$10 billion a year to achieve its infrastructure demand. Finance Minister, Ken Ofori-Atta told the press after the African Caucus Meeting held in Accra.
According to him, although Ghana’s debt keeps rising like other African countries, borrowing still remains an alternative for raising funds for development.
“The problem is how do you tackle your infrastructure if you don’t borrow and whether we can find means of long-term facilities, 50 odd years low financing to be able to do that.”
Mr. Ofori-Atta believes infrastructure is a human right issue that must be addressed.
“Because it is through that when the farmer works, the goods can come to the market, people can go to school, health etc. These are all things that people should have. But the cost is what will put any country down.”
The first leg of the annual African Caucus Meeting which brought together Finance Ministers and Central Bank Governors across the continent as well as African Governors of the World Bank Group and the International Monetary Fund.
The event was used to discuss penitent economic and development issues confronting the continent.
The meeting which was opened by President Akufo Addo was on the theme “Africa beyond Aid – Enhancing Institutional Capacity and Innovative Finance for Sustainable Growth”.
Effective Public Financial Management, Promoting Innovative Finance for the Private sector, facilitating intra African trade, Curbing illicit financial flows and debt sustainability were some of the key issues discussed at the closed-door meeting.