The National Democratic Congress (NDC) yesterday took a swipe at the vice-presidential candidate of the New Patriotic Party (NDC), Dr. Mahamudu Bawumia, for painting a gloomy picture of the economy.
According to the party, the lecture delivered by Dr. Bawumia a fortnight ago, did not present the true state of the economy.
He rather churned out falsehood in a bid to score cheap political points, it stated.
Speaking at the Forum for Setting the Record Straight in Accra yesterday, the Minister of Transport, Fifi Kwetey stressed that the lecture failed to recognise the major transformations and developments brought about by the Mahama-led administration over the past seven years.
He said the claims by the leading opposition party that the ruling National Democratic Congress (NDC) had crippled the financial sector by contracting high foreign loans for development was out of place and could not be substantiated.
Mr. Kwetey said in as much as the NPP described loans borrowed for infrastructural purposes as debt, it was clear that the government had made massive investment in the economy and positioned the country for major economic take-off.
He said government had taken bold steps to invest massively in the area of infrastructure which had brought growth in key sectors of the economy, noting that the country could not achieve major milestone in development without constructive infrastructural development.
He indicated that the assertion that government’s capital expenditure exceeded the total interest paid on loans contracted, was false because the budget allocation for the ministries were far below the interest paid on loans.
Mr Kwetey again noted that the NPP’s claim that the government used only five per cent of Gross Domestic Product (GDP) for capital expenditure, as compared to the 11 per cent that was used during the NPP’s eight years of governance, did not relate with the true state of affairs.
“If the NPP guru described the five per cent as incompetent, how would they describe their 11 per cent slippage,” he quizzed, and called on Ghanaians to ignore the lies peddled by the opposition party.
According to the minister the government had over the years, kept inflation below the 18 per cent which the NPP left office with and further devalued the cedi through the redenomination exercise.
He explained that it was rather incompetent on the side of the NPP to have borrowed and sell state assets to pay workers’ salaries, stating that it was the NPP which had shown gross incompetence in their eight years of leadership.
He indicated that the Mahama-led Administration had rather supported state institutions and positioned them to be self-financing, citing the Ghana Airport Company and Ghana Ports and Harbours Authority as examples of organisations which had embarked on major expansion projects through the support of their balance sheets.
By Charles Amankwa