Government has rejected claims by the Centre for Freedom and Accuracy the current economic doldrums are the result of government’s misapplication of oil revenues for projects it needed loans to execute /business/2014/February-10th/bank-of-ghanas-measures-to-save-the-cedi-wont-work-andrew-awuni.php .
Executive Director of the Centre, Andrew Awuni at a press conference on Monday also doubted measures instituted by the Bank of Ghana to address the depreciation of the cedi would yield any positive result.
Though the government issued a statement indicating cabinet’s total support for those measures, Deputy Information Minister Felix Ofosu Kwakye told Joy FM’s Top Story on Monday that Mr Awuni’s position on the issue was influenced by partisan considerations.
“I regret rather the partisan tone of the statement when you read it in full,” he noted.
He claimed Mr Awuni should be in a better position to appreciate the economic challenges facing the country, having served under the Kufuor-led administration as the spokesperson for the president.
According to Ofosu Kwakye, it would be unfair to blame the Mahama-led government that has spent just a year old in office for “a problem which has been in existence for five decades”.
He reminded Mr Awuni that some of the debts the government is servicing now were incurred by the government Mr Awuni served under.
For instance, he mentioned a 750 million dollar euro bond raised in 2008 by the NPP government, noting that about 250 million dollars of a similar Eurobond taken by the current government was used to pay “debts inherited in 2008”.
He maintained that government would not shirk its responsibility in addressing the economic crisis, but admitted it would take the government some time to solve the problem.
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