According to him, the current administration seems to be embarking on a borrowing spree; borrowing every penny just to pay off interests on loans to salvage the economy.
But in his view, the ruling National Democratic Congress (NDC) cannot "borrow its way out of these crises" confronting Ghanaians.
Speaking on Peace FM on Friday, Anthony Karbo recounted that the Mahama-led government has over the past years solicited loans, but the economy is still in shambles.
“How can you borrow to come and clear your debt? How can you borrow to come and clear loans that you’ve taken? I don’t understand it. There’s no way the government can borrow its way out of this crises. There’s no way. It will take a lot of confidence building in the economy, physical discipline, which is important.”
He further told host Kwami Sefa Kayi that the recent disclosure of Ghana's public debt to a tune of 89.5 billion cedis is an indictment on the Monetary Policy Committee.
This is because, to him, the government has made numerous promises to Ghanaians assuring them of enhanced economic growth, but none of the promises have been fulfilled by the government.
“What has happened within the 3 years; just 3 years [Kwame]? What has happened? What happened to the unprecedented growth? What happened to the unprecedented single digit inflation? What happened to all that…What is happening to Agriculture? What is happening to manufacturing?” he questioned.
He, therefore, advised the government to focus on building confidence in the economy and ensuring physical discipline if only the government wants to see Ghana develop.
This, notwithstanding, he expressed disgust that "the Governor of the Bank of Ghana was so proud" to disclose the public debt of the country.
"It’s an indictment on [the] Monetary Policy Committee; a major indictment [Kwame] to come and announce to us that our public debt has grown to the extent of 89.5 billion cedis.”