Investment Banker Blames Gov’t For Excessive Borrowing


Ken Ofori-Atta

Ken Ofori-Atta, the Director of Fundraising of the New Patriotic Party (NPP), has criticized government for borrowing excessively and doing little to improve the lives of the poor.

Mr Ofori-Atta, who spoke in an interview with Joy Fm recently in Accra, made reference to Dr Mahamadu Bawumia, the NPP vice presidential candidate who has in recent times lambasted government for mismanaging the country’s economy despite the huge revenue it has received.

Dr Bawumia, the former BoG Governor, also indicated that although government had contracted in excess of $39 billion, the total cost of infrastructure from loans, grants and taxes spanning 2009 to date, was just about $7 billion.

“So the question is, what happened to the rest of the money?” Ken Ofori-Atta quizzed, adding that the country could not borrow her way out of debt.

The Director of Fundraising also said the corruption and mismanagement by Mahama administration had culminated in the over-pricing of contracts, an example being the cost of a 600-bed University of Ghana Hospital that was quoted at $217 million by Government while upgrading of the Ridge Hospital from a 200 to 420-bed facility cost $247 million.

The former Databank CEO argued that the NDC was elected in 2008 because it managed to cast its flagbearer as a humble politician.

Then vice president Mahama won sympathy votes after the 2012 flagbearer John Atta Mills died in office in July 2012 – barely five months to elections. With President John Mahama now flagbearer for the NDC, Ghanaians were excited about a ‘young and cool’ president and endorsed his bid to succeed President Mills.

“We bought into this image and have come to the realization that President Mahama’s performance has been really poor,” he said.

He also commented on government’s disappointing debt record from GH¢9.5 billion in 2008 when the NPP left office to GH¢36 billion in 2012.

At end of August, this year, the country’s total national debt rose to GH¢109.8 billion

“Ghanaians can’t vote for same party and expect different results,” he declared.

According to him, all the virtues of humility seen in the Mills administration had dissipated.

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By Samuel Boadi