Taking loans is not a bad thing; even Dangote owes

• The minister for Public Enterprises has said borrowing is not a bad idea

• He said people borrow to create wealth

• He also said the government’s habit of borrowing is for the development of the country

Joseph Cudjoe, the Minister for Public Enterprises has justified the government’s quest of borrowing by explaining that, the monies used are for the benefit of the country and it will go a long way to help solve the problems the country is facing.

Despite his criticism on borrowing, Mr Cudjoe said results must be produced after borrowing, hence accountability.

Speaking on The LowDown on GhanaWeb TV, Joseph Cudjoe said taking a loan is not a bad idea but how it is used after it has been granted is what could be problematic.

“Loan itself is not a bad thing, it is what you take the loan for that make it problematic or not because I had an opportunity to take a loan and buy a house for $100,000, and one year later sells the house for $300,000 and pay interest for $30,000, it means from today and one year, I have a debt of $130,000. So, if I sell the house for $300,000 dollars, tell me it is not good to take a loan,” he said.

He further stated that: “People are taking loans and generating wealth, very often people talk about Dangote and the rest do you know how much he owes?”

Watch the full interview below