Samuel Okudzeto Ablakwa taking his turn at the Forum
The National Democratic Congress has claimed that excessive drug money that flowed into the country under the erstwhile NPP administration shielded the ailing economy and incompetence of former President John Agyekum Kufuor.
Addressing the media at the Setting the Records Straight forum in Accra on Thursday September 22, Transport Minister, Hon. Fifi Kwetey said the NPP under President Kufuor, in 2008 when his administration was finishing had “lost control of the cedi, inflation had reached 18%, gross reserves barely enough to cover two months of imports, Tema Oil Refinery (TOR) and Ghana Commercial Bank were on their knees, non-performing loans in the banking sector were at an all-time high.
“With a budget deficit of 15% and a budget overrun of 11% and a massive arrears of over GHS4 billion altogether painted the picture of an economy that was gravely ill, yet this was an economy where cocaine cash was flowing very freely.”
Mr. Kwetey added at the forum that President Mahama must be given more credit for cleaning the mess of the then NPP administration.
According to him, while the NDC has had to fork out over GHC10 billion yearly to pay wages, the NPP administration only spent a little over GHC2.5 billion to pay wages annually.
“In fact, this year, we anticipate that the total compensation package is going to hit about GHS12 billion plus and NDC has still been able to manage that and still keeps the economy well in spite of these very huge challenges…the NDC has never throughout all these eight years had to resort to using Eurobond money to pay salaries or to sell any national assets in a bid to stay afloat; no, we have never had to resort to that”.
“There is unanimity that the economic outlook as we approach the eight years of the Mills-Mahama government is great. There is huge confidence and positive expectation because of the competence with which the Mahama-led government has navigated through the turbulent waters and brought the country on the cusp of a bright future,” the former deputy finance minister said.
Hon. Kwetey added “Growth expectations are high, currency stability has returned, inflation looks set to trend downwards to sustainable basis, fiscal deficit is increasingly more under control, domestic and foreign investor confidence is increasing more and more and our latest information is actually showing that even the credit rating agencies are about to do a positive revision of Ghana’s rating again because the future absolutely is looking very bright under the very competent leadership of John Mahama.”
Source: Ghana/Starrfmonline.com/103.5FM/Kobina Welsing
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