{"id":480378,"date":"2011-09-02T07:57:46","date_gmt":"2011-09-02T07:57:46","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/"},"modified":"2011-09-02T07:57:46","modified_gmt":"2011-09-02T07:57:46","slug":"nana-slams-mad-rush-for-loans","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/","title":{"rendered":"Nana Slams Mad Rush For Loans"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Nana Akufo-Addo delivering his address at the Danquah Institute maiden lecture<\/p>\n<\/div>\n

Nana Addo Dankwa Akufo-Addo, flagbearer of the New Patriotic Party (NPP), has cautioned government to check its reckless borrowing habit because \u201cwe may have to revisit our HIPC experience if we don\u2019t borrow responsibly\u201d.<\/p>\n

He said the National Democratic Congress (NDC), within a period of about two years, had managed to borrow GH\u00a210.8 billion, representing an increase of 30.4 percent in terms of foreign loans but it had not had any meaningful impact on the economy and the lives of Ghanaians.<\/p>\n

\u201cThis NDC government has had plenty of resources at its disposal because of the expanded economy it inherited, record cocoa and gold prices on the world market, together with revenues from this newfound wealth, oil. To borrow a famous phrase: Na Sika No Wo He? What has been the impact of these massive resources on the lives of the people? Where are the projects?\u201d<\/p>\n

The NPP flagbearer was speaking at the maiden edition of the Liberty Lecture in Accra organized by the Danquah Institute (DI), a pro New Patriotic Party media, research and policy analysis group. The event had the theme \u2018Building A Society Of Opportunities\u2019.<\/p>\n

According to DI, the lecture had been instituted to celebrate and recognize \u201cthe contributions of the several people and many others that led to March 6, 1957, the birth of Ghana from the Gold Coast\u201d.<\/p>\n

Addressing an audience including former President John Agyekum Kufuor at the College of Physicians and Surgeons in Accra, Nana Akufo-Addo, said \u201cThere appears to be a mad rush for billions of dollars of loans, and we mention billions as if we are still in the era of the old billion Cedis.\u201d<\/p>\n

The former Attorney General and Foreign Affairs Minister, who took an hour and 18 minutes to complete his lecture, said even though the newfound oil gave the government a \u2018fiscal space\u2019 to borrow more money to speed up development, it had to \u201cproceed responsibly\u201d so that the external debt would not overwhelm the country\u2019s ability to ensure accelerated development.<\/p>\n

\"\"<\/a><\/p>\n

Kwadwo Mpianin and Osafo Marfo at the event<\/p>\n<\/div>\n

He described as unfair the criticism levelled against the minority in Parliament for seeking proper scrutiny of loan agreements entered into by the government.<\/p>\n

He insisted that the \u201cminority deserves commendation rather than condemnation for living up to their responsibility of insisting on financial scrutiny.\u201d<\/p>\n

Nana Akufo-Addo said, \u201cTheir (minority) warnings against the $1.5 billion STX Supplier\u2019s Credit Facility were dismissed as the shrill cries of a jealous and jilted group who are not interested in the welfare of the security forces. Now, we are told that the Castle has become the Alternative Dispute Resolution centre for the estranged partners of STX, while the only developments at the commissioned sites for the STX housing are growing weeds.<\/p>\n

\u201cWe must welcome the readiness of the world\u2019s fastest growing large economy to provide Ghana with the needed credit to accelerate our development. But, since it is a relationship of mutual needs, \u2018I have oil you have money\u2019, it is the duty of our government to get the best deal for Ghana.\u201d<\/p>\n

He said a careful scrutiny of the $3billion Chinese loan facility, plus $450 million (or 15%) counter-funding from government appeared to him that the country had been shortchanged in the deal, saying, \u201cA commercial loan facility such as this that guarantees a minimum of 60 percent Chinese content, rather than a minimum of 40 percent local content, cannot be the best.\u201d<\/p>\n

Nana Akufo-Addo said the provision of quality and accessible education, job creation, improved agriculture and the creation of a congenial atmosphere for the private sector to flourish would be the next NPP government\u2019s main agenda.<\/p>\n

He added that the provision of quality infrastructure, improved health facilities, water and sanitation problems would be solved and added that the welfare of women, children, physically challenged and the vulnerable would not be left out.<\/p>\n

He said free education from basic to secondary school was still strong on his card.<\/p>\n

He also promised to show commitment towards his 2008 promise to set up a development fund for the three northern regions and added that the 2012 Manifesto of the NPP would set vivid, detailed goals for the future and get Ghanaians to own it and have the discipline, dedication and determination to make it happen.<\/p>\n

\u201cI believe that Ghanaians are not fated to be a mere audience at the theatre of great performance and achievement. We are capable of mounting the stage and putting up our own show. We have a choice to admire what others do or to motivate ourselves to do what we admire. It is our choice. We can choose to watch and marvel or to take up the challenge and opportunity to be counted. This country can be better than we ever thought it could be,\u201d he told a cheering crowd amidst loud applause.<\/p>\n

By William Yaw Owusu<\/strong><\/em><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Nana Akufo-Addo delivering his address at the Danquah Institute maiden lecture Nana Addo Dankwa Akufo-Addo, flagbearer of the New Patriotic Party (NPP), has cautioned government to check its reckless borrowing habit because \u201cwe may have to revisit our HIPC experience if we don\u2019t borrow responsibly\u201d. He said the National Democratic Congress (NDC), within a period of about two years, had managed to borrow GH\u00a210.8 billion, representing an increase of 30.4 percent in terms of foreign loans but it had not had any meaningful impact on the economy and the lives of Ghanaians. \u201cThis NDC government has had plenty of resources at its disposal because of the expanded economy it inherited, record cocoa and gold prices on the world market, together with revenues from this newfound wealth, oil. <\/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-480378","post","type-post","status-publish","format-standard"],"yoast_head":"\nNana Slams Mad Rush For Loans - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Nana Slams Mad Rush For Loans - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Nana Akufo-Addo delivering his address at the Danquah Institute maiden lecture Nana Addo Dankwa Akufo-Addo, flagbearer of the New Patriotic Party (NPP), has cautioned government to check its reckless borrowing habit because \u201cwe may have to revisit our HIPC experience if we don\u2019t borrow responsibly\u201d. He said the National Democratic Congress (NDC), within a period of about two years, had managed to borrow GH\u00a210.8 billion, representing an increase of 30.4 percent in terms of foreign loans but it had not had any meaningful impact on the economy and the lives of Ghanaians. \u201cThis NDC government has had plenty of resources at its disposal because of the expanded economy it inherited, record cocoa and gold prices on the world market, together with revenues from this newfound wealth, oil.\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/09\/2676ea7dnana_akufo.jpg.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Nana Slams Mad Rush For Loans\",\"datePublished\":\"2011-09-02T07:57:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/\"},\"wordCount\":819,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/09\/2676ea7dnana_akufo.jpg.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/\",\"name\":\"Nana Slams Mad Rush For Loans - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/09\/2676ea7dnana_akufo.jpg.jpg\",\"datePublished\":\"2011-09-02T07:57:46+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/#primaryimage\",\"url\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/09\/2676ea7dnana_akufo.jpg.jpg\",\"contentUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/09\/2676ea7dnana_akufo.jpg.jpg\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nana Slams Mad Rush For Loans - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/09\/02\/nana-slams-mad-rush-for-loans\/","twitter_card":"summary_large_image","twitter_title":"Nana Slams Mad Rush For Loans - Ghanamma.com","twitter_description":"Nana Akufo-Addo delivering his address at the Danquah Institute maiden lecture Nana Addo Dankwa Akufo-Addo, flagbearer of the New Patriotic Party (NPP), has cautioned government to check its reckless borrowing habit because \u201cwe may have to revisit our HIPC experience if we don\u2019t borrow responsibly\u201d. 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