The opposition National Democratic Congress (NDC) has accused the ruling New Patriotic Party (NPP) of building up debt despite having nothing to show for it.
The party argues that the presentation by the Vice President, Dr. Mahamadu Bawumia on the economy at the Economic Management Team’s maiden town hall meeting was full of misinformation.
The NDC’s forum, which was addressed by the Member of Parliament for Bolgatanga Central, Isaac Adongo, slammed government for failing to invest the loans it has contracted in capital expenditure but on consumption.
According to him, Ghana borrowed $750 million in 2018 but used only $119 on capital expenditure with the rest on consumption.
Ghana he said has moved from an era where we were borrowing to build our future and create prosperity for the children yet unborn.
He said when we borrowing to build the Ridge Hospital, they said we were incompetent, when we borrowed to build terminal 3 they said we were incompetent but now that they are borrowing to buy kenkey and fish, what would they be?
The legislator admonished Ghanaians to wise up and prevent the NPP from causing more harm.
“The people of Ghana must wake up because this cannot be sustained…We cannot go on the path of building up our debt with nothing to show for it, ” he added
Dr. Bawumia in his address highlighted many achievements he claimed his government has achieved, saying that they were testaments that the NPP government is managing the economy far better than the NDC did under John Mahama.
On the recent sharp decline in the strength of the cedi which many have criticized the NPP about, Dr. Bawumia said the NPP’s worst performance with the cedi was far better than the NDC’s best while it was in office.
“The data on the annual rate of depreciation of the cedi in recent years shows that the worst performance so far under the NPP government is the 8.4 percent depreciation we saw in 2018. That worst performance is better than the best performance under the previous government between 2012 and 2016,” he said.
But Mr Adongo shot down that claim saying the cedi has performed poorly under the NPP.