The National Democratic Congress (NDC), says it is a better manager of Ghana’s economy compared to the New Patriotic Party (NPP).
The party at a press conference dubbed, “setting the records straight” to counter the NPP’s recent “Promises Made, Promises Broken, Promises Repeated” media encounter, said Ghana’s economy saw an impressive performance under the John Attah-Mills – John Mahama administration against the poor performance by the NPP’s John Kufuor.
Addressing the press, Minister of Transport, Fifi Kwetey, said in spite of the many financial resources that was available to the NPP, it was unable to ensure a significant growth in terms of infrastructure development.
“From 2001 to 2008, the NPP accumulated a total debt stock of 56.9 billion cedis, taking it from 9.7 billion cedis in 2008. NPP therefore had access to 4.3 times more loan financing than NDC 1 under former president Jerry John Rawlings.
In spite of this, the NDC 1 overshadows the NPP in virtually all critical development infrastructure.” “NDC built 3 regional hospitals against zero by the non-performing NPP. NDC within that period, can also boast of a couple of public universities against zero by the NPP,” he added.
Fifi Kwetey said the NPP presided over an average real GDP growth of 5.6% in its 8 years in government, whiles the NDC managed an average of 6.3% non-oil GDP growth.
On a budget deficit, Mr. Kwetey said the NPP’s 11% recorded in 2008, had been the highest fiscal slippage recorded since 1993, against the NDC’s 5.5% recorded in 2012.
On inflation, Fifi Kwetey argued that the NPP ended its 8-year governance under John Kuffour with 18% inflation rate in 2012 against the NDC’s less than 18% rate this year.
The NPP’s ‘pitiful lack of foresight’ Mr. Kwetey reiterated that “we in the NDC have a great track record of using foreign debt to invest in solid investments,” whilst juxtaposing the NDC’s handling of foreign loans with the NPP’s $750 million loan from the international financial market in 2007.
We’re investing in projects, not piling up debts Fifi Kwetey emphasized that, government as investing the loans it has contracted in projects; and not piling up debts as the NPP’s running mate Dr. Mahamudu Bawumia, suggested as his public lecture on the state of the economy.
Dr. Mahamudu Bawumia, the NPP running mate, delivering a public lecture recently on the State of the Ghanaian Economy, said about 66% of Ghana’s total debt since independence, has been accumulated under President Mahama.
Dr. Bawumia also noted that, Ghana’s debt total had ballooned from GHc9.5 billion to its current figure, a claim Fifi Kwetey disagrees with.