Economist, Professor Peter Quartey, has stated that despite Ghana's heavy borrowing over the past two decades, the expected investment and economic growth have not been achieved.

According to him, funds had been largely directed towards salaries and loan interest payments rather than productive sectors.

The Director of the Institute of Statistical, Social and Economic Research (ISSER), University of Ghana, called for urgent legislation of a 60 per cent debt ceiling, and the development of a framework to ensure the matching of loans to investments to generate returns, spur economic growth and improve citizens' wellbeing.

The Development Economist said this during his inaugural lecture as a Fellow of the Ghana Academy of Arts and Sciences on Thursday, on the topic: "Debt, Investment, and Growth in Ghana: Did we borrow to consume?" "Empirical analysis shows that public investment has limited impact on long term growth due to weak or circumvented project appraisal selection and management," he said.