The Member of Parliament for Ningo-Prampram constituency, Mr. Sam Nartey George has analyzed both the National Patriotic Party (NPP) and the National Democratic Congress (NDC) performance.
Speaking on GHOne TV with Serwaa Amihere on August 26, 2024, Mr. George emphasized the economic transition from the NDC to the NPP’s government, highlighting the country’s stable economy with a sustainable debt GDP ratio of 55.6%, a B- credit waiting, a stable currency, growing industry, and manufacturing sub-sectors, the significant investments in oil and gas, the discovery of Ten and Sankofa Fields, and the establishment of the Ghana Infrastructure Fund.
“Before I come there, I am just going to reiterate again for the purposes of our listeners and viewers the Ghana we left for the NPP because that’s the economy. We left an economy that had a sustainable debt GDP ratio of 55.6%, we had a credit waiting of B-, our budget deposit was just 6.1%, inflation was dropping it was at 15%, and we had a stable currency with a depreciation rate of 9% annually. Industry and manufacturing sub-sectors were growing. We made significant investments in oil and gas, we discovered the Ten and Sankofa Fields, and we set up the Ghana Infrastructure Fund (GIF), which was a strategic investment and cash proper with the accrual of $270 million. At the time we were leaving office, we had a sinking fund that had accrued $500 million, and a stabilization fund that had accrued $300 million. This is the economy we left for them.”
However, the exchange rate is now over 16.3, and hyperinflation is 54%. The debt-GDP ratio has risen from 55.6% to 104% in 2022.
“This is what they claimed they had nothing when they came in. We built world-class facilities like Ridge Hospital and Bank of Ghana Hospital, we began the University of Ghana Medical Center, and we built hospitals across the country, with huge infrastructure. Now this is the country we’re in, our exchange rate to the dollar is in excess of 16.3. Today the dollar is changing at 16.3, the pound is 21, that’s the country that we are in. The country that we left them we had. The country that we left them, we have hyperinflation of 54%, our debt GDP ratio has moved from 55.6% to under the NDC, to 104% in 2022”
Mr. George says that the Ghana Statistical Service reports that 25% of the population, 8.5 million Ghanaians, went without food in 2023, and the country’s debt portfolio has grown from 122 billion to over 742 billion, largely due to corruption. The issue is not addressed by the current government.
“Look, the Ghana Statistical Service, not the NDC, the Ghana Statistical Service tells us that in 2023, 25% of Ghana’s population, 8.5 million Ghanaians, went a full day without food. They slept on an empty stomach under your administration. Look our debt portfolio was just 122 billion at the time we were leaving office in December. Today it stands at over 742 billion, unhinged borrowing. What is it that has led to this unhinged borrow? What have they done with it? Not my words, not the words of President Mahama, the words of the Catholic Bishop’s Conference, corruption. Massive uncontrolled corruption has become the order of the day, under you, your government.”
Source: Ghana/Starrfm.com.gh/103.5FM/Mary Asantewaa Buabeng