A deputy Finance and Economic Planning Minister has accused the New Patriotic Party of \u201cshifting the goal post\u201d in the seemingly unending tale of Tema Oil Refinery (TOR) debt.
\nFifi Kwety told Joy News the government is only playing along with the NPP\u2019s own set of rules on announcements of TOR debt. His comments come in the wake of accusations by the NPP that the government is peddling lies on the quantum of TOR debts left behind by the Kufuor led administration. Government has complained about what it says is the colossal TOR debt left behind by the NPP which is negatively affecting government’s economic policies.
\nBut the Minority Leader Osei Kyei Mensah-Bonsu at a press conference on Wednesday claimed the actual TOR debt left behind by the NPP in 2008 was GHS 927m instead of the GHS 1.48 billion being parroted by government spokesmen. \u201cFrom TOR\u2019s own records the total debt stock it inherited in 2001 as a result of under recovery was 201.5 million.
\n\u201cBetween 2001-2008, an additional stock of debt amounting to 332.34 million had accumulated. If you include the interest accumulated over the years of 268 million then the total stock of TOR debt arising from under recovery, including the inherited debt and the accumulation between 2001 and 2008 is 801.84 million,\u201d he said.
\n\u201cThe total payments made towards retiring the debt stock amounts to 792.57 million cedis.
\n\u201cThe net effect is that as of December 31, 2008 an amount of only 9.27 million cedis was left to be paid to TOR towards the retirement of the entire debt caused by government policy not to increase price of petroleum products to reflect world market prices of crude oil over the period,\u201d he stated.
\nHe added in computing the debt the government cannot add loans acquired by TOR for its operations and exchange rate losses saying \u201cno normal human being\u201d will attribute such practices which amounted to 715.88 million to the previous government.
\nHe said if the government cannot carry its load, it should not blame it on the head pad. But in a sharp response, the deputy Finance Minister said the arguments by the minority are nothing but \u201ca typical shifting of the goal post.\u201d
\nHe said in 2001 when the NPP assumed the reigns of power in office it made so much noise about the TOR debt left behind by the Rawlings-led NDC but at no point did they separate debts incurred as a result of under recoveries and portions due to TOR\u2019s own operations.
\n\u201cThroughout the period that the NPP spoke about TOR debt in 2001, at no time did NPP make an effort to split the TOR debt into the portions which were due to under recoveries and the portions which were due to TOR\u2019s operations. \u201cWhat this country heard consistently was the totality of the debt that TOR had on its books and the debt which was inherited by the NPP.
\n\u201cThe same measure has been applied. When the NDC came into office, what the NDC did was to simply take a good look at the TOR books and look at the TOR debts and report the totality of debts to the people of Ghana. \u201cAnd the debts on the books of TOR as at the end of 2008 stands at 1.488 million cedis,\u201d he stated.
\nHe said attempts by the NPP to seek refuge in splitting the debts is nothing but double standards.<\/p>\n","protected":false},"excerpt":{"rendered":"
A deputy Finance and Economic Planning Minister has accused the New Patriotic Party of \u201cshifting the goal post\u201d in the seemingly unending tale of Tema Oil Refinery (TOR) debt. Fifi Kwety told Joy News the government is only playing along with the NPP\u2019s own set of rules on announcements of TOR debt. His comments come […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-275363","post","type-post","status-publish","format-standard"],"yoast_head":"\n