MMDCEs will soon borrow money for development – Majority leader hints

The government will soon lay a bill in Parliament for parliamentary approval so that Metropolitan, Municipal and District Chief Executives (MMDCEs) can borrow money for developmental projects, Majority Leader in Parliament and Minister for Parliamentary Affairs, Hon Osei Kyei Mensah-Bonsu has hinted.

“Government is in a process of considering some proposal. There is a bill on the way that suggests that assemblies should be allowed to use the strength of their balance sheet to borrow money to develop their localities”. Mr. Osei Kyei Mensah Bonsu said this in an interview with Kumasi-based radio Fox FM.

Meanwhile Bank of Ghana’s Summary of Economic and Financial Data has revealed that Ghana’s total public debt stock has hit ¢344.5 billion.

In his interview, the lawmaker urged MMDCEs to do well to be able to generate funds locally so that they will not depend much on the central government for everything.

“The districts should be resorting to innovative measures to create wealth”, he advised

“There are two major revenue sources for districts; the Common Fund and Internally Generated Fund (IGF). Unfortunately, many of the districts do not depend much on the internally generated fund”, he lamented