It has been requested that the Minority in Parliament turn down any government loans that are not project-specific.
Former president John Mahama issued the call, stating that the National Democratic Congress (NDC) will not participate in any action that might lead to the destruction of the nation.
Speaking at the Think Progress Ghana think tank's opening, he stated that the Minority group would not back the government's request for a $1 billion syndicated loan arrangement from banks.
"What's worse is that under the questionable Agyapa Deal, this administration has collateralized nearly all of its revenue sources and is attempting to collateralize even more, including our gold royalties.
"Considering the foregoing, we in the NDC are unable to approve the $1 billion syndicated credit arrangement. In the future, we would like to make it clear that the NDC in Parliament would not support any further non-concessionary borrowing or loans that are not project-specific.
Despite taking out so much debt, Mr. Mahama said that the reason for the government's financial problems was its inability to prioritise its priorities.
The underlying issue with our economy isn't that we don't have enough money to spend on urgent necessities, necessitating additional borrowing, but rather that we have taken on too much debt, with the result that very little of our income is left over for other uses.
The answer to the issue, according to John Mahama, "is in taking the courageous measures to restructure our debts and receive some respite from pouring much too much income into debt servicing on an annual basis and redirecting the money into serving key areas that would directly benefit our people."
Dr. Cassiel Ato Forson, the ranking member of the Finance Committee of Parliament, has stated that the NDC MPs will fully comply by the three-line whip issued by John Mahama.