{"id":605127,"date":"2019-04-04T22:24:11","date_gmt":"2019-04-04T22:24:11","guid":{"rendered":"
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General News of Thursday, 4 April 2019<\/p>\n

Source: <\/strong>3news.com <\/p>\n2019-04-04\n\n

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<\/p>\n

\n

General News of Thursday, 4 April 2019<\/p>\n

Source: <\/strong>3news.com <\/p>\n

2019-04-04<\/p>\n

\n

\"IsaacMember of Parliament for Bolgatanga Central, Isaac Adongo<\/span><\/span><\/p>\n<\/div>\n

The National Democratic Congress has released economic figures to \u2018expose\u2019 what they described as \u201ccooked figures\u201d on Ghana\u2019s debt to Gross Domestic Product (GDP) which Vice President Dr Mahamudu Bawumia pegged at 48 percent.<\/p>\n

Dr Bawumia at a town hall meeting on Ghana\u2019s economy Wednesday stated Ghana\u2019s debt to GDP stands at 48 percent, and indicated the economy has been performing better in the last two years than it was under the John Mahama administration.<\/p>\n

But delivering a counter economic lecture Thursday, Member of Parliament for Bolgatanga Central, Isaac Adongo, said the figure given by the vice president was inaccurate because they was outdated.<\/p>\n

He observed Dr Bawumia used December 2018 figures of the country\u2019s foreign debt and added same to March 2019 domestic debt.<\/p>\n

\u201cBecause Bawumia was coming to do a lecture, they stopped our public debt in December 2018 and when they stopped in December [2018].<\/p>\n

\u201cAs for the domestic debt, they reported up to March 2019. They remembered that they had borrowed 3.7 billion which they added to their reserve and showed that the reserve is high so me too I added it.<\/p>\n

\u201cAnd when added it appropriately, based on the new series, our debt to GPD is 58 per cent but Bawumia claimed it was 48 per cent,\u201d Mr Adongo who is a member of the Finance Committee of Parliament stated.<\/p>\n

According to the financial consultant, if you use the old series, Ghana\u2019s debt to GDP would have been 72 per cent, something he said was outrageous considering the fact that the government was yet to experience its first election.<\/p>\n

\u201c\u2026are you seeing these numbers or you\u2019re seeing something else? That is the reason they are cooking the numbers and are not reporting the full extent of debt,\u201d Adongo said.<\/p>\n

Ghana\u2019s destiny in foreigners<\/b><\/p>\n

In his analysis, even worst is the current situation where there is \u201cover concentration of external debts\u201d.<\/p>\n

According to him, Ghana\u2019s economy is now being held by just about three foreign investors, explaining \u201cWhat it means is that only a few people are now holding our external debt and Ghana\u2019s destiny is tied to Franklin Templeton and two three other investors\u201d.<\/p>\n

This situation, he argued, does not only compromise the independence of Ghana\u2019s policy decision making but also increases our vulnerability risks.<\/p>\n

In his view, Ghana\u2019s monetary policy decisions cannot be taken in isolation of the interest of these investors and foreign constituents as is being held by the governor of the Bank of Ghana.<\/p>\n

\u201cIf they [the investors] decide that their interest is now better served in south East Asia and they come to take their money the cedi will disappear. This is the state of our Ghanaian economy and this is not the one to be celebrating,\u201d he told Dr Bawumia.<\/p>\n<\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

General News of Thursday, 4 April 2019 Source: 3news.com 2019-04-04 Member of Parliament for Bolgatanga Central, Isaac Adongo The National Democratic Congress has released economic figures to \u2018expose\u2019 what they described as \u201ccooked figures\u201d on Ghana\u2019s debt to Gross Domestic Product (GDP) which Vice President Dr Mahamudu Bawumia pegged at 48 percent. Dr Bawumia at […]<\/p>\n","protected":false},"author":1,"featured_media":600282,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-605127","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\nGhana\u2019s debt to GDP 58% not 48% \u2013 Adongo tells \u2018Walewale Adam Smith\u2019 - 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\/2019\/04\/04\/ghanas-debt-to-gdp-58-not-48-adongo-tells-walewale-adam-smith\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ghana\u2019s debt to GDP 58% not 48% \u2013 Adongo tells \u2018Walewale Adam Smith\u2019 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"General News of Thursday, 4 April 2019 Source: 3news.com 2019-04-04 Member of Parliament for Bolgatanga Central, Isaac Adongo The National Democratic Congress has released economic figures to \u2018expose\u2019 what they described as \u201ccooked figures\u201d on Ghana\u2019s debt to Gross Domestic Product (GDP) which Vice President Dr Mahamudu Bawumia pegged at 48 percent. 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