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NDC Not Following NPP’s “Irresponsible Borrowing Path – Fifi Kwetey
 
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30-Jun-2011  
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Fifi Kwetey
 
 
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A Deputy Minister of Finance and Economic Planning, Fifi Kwetey says the opposition New Patriotic Party should rather advice their flagbearer Nana Addo Dankwa Akufo-Addo on how to manage Ghana’s economy since according to him the ruling NDC government is not on an “irresponsible borrowing path”.

Hon. Fifi Kwetey told the Executive Director of the Danquah Institute and a staunch member of the NPP, Gabby Asare Otchere Darko to take his concerns about the management of the Economy to the NPP flag bearer and not the NDC.

Mr Otchere Darko on Wednesday June 29, advised the government to be cautious with their rate of borrowing which is piling up Ghana’s National debt.

Ghana’s national debt as at May 2011 is reported to stand at 13.4billion dollars compared to the 8.1 billion dollars at the end of 2008.

In a CNN report on Wednesday, Ghana was listed as one of 10 countries least likely to pay their debt owed to multilateral agencies, by credit rating agency, Standard & Poor’s.

Ghana is the only African country on the revised credit rating list, according to CNN.

The NPP has variously accused the Atta Mills led government of embarking on unsustainable borrowing without requisite investments and revenue generation that could lead the country back to HIPC.

However, speaking on the Citi Eyewitness News on Wednesday June 29, the Deputy Finance Minister said the NDC government is well aware of its responsibilities.

According to him, unlike the NPP the Atta Mills led government has not embarked on “irresponsible borrowing” from multilateral agencies that has the propensity of crippling the country in the near future.

“There is definitely the need for us (NDC) to be very careful. To make sure whatever we do is value for money and you can be certain that is exactly what the NDC has done. That is why we are not going the path of the NPP. I don’t know of any group of people who have actually gone to the International Financial Market contracting almost 1 billion dollars to be paid in ten years with almost 8.5 percent interest and they come and use some of that for projects even unplanned for.

“So Gabby, thank you for the advice but that advice should go to Akufo Addo more because you are the ones who have done clearly absolute irresponsible borrowing, we are not following your (NPP) path”.

In a sharp response, Gabby Asare Otchere Darko said if the government fails to heed to the advice of the NPP, it will have future challenges with paying salaries and other commitments.

“We need to be careful because after all we need to be able incur debts so as to accelerate developments but it ought to be done in a way to that is sustainable. If we are not careful, we would have no money to pay salaries, education and other stuff”.





By: Kobina Welsing/Citifmonline.com
 
 
 
Source: citifmonline.com
 
 

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