A Member of Parliament’s Finance Committee, Isaac Adongo, has accused President Nana Addo Dankwa Akufo-Addo of celebrating incompetence and mediocrity by touting the country’s economic management team led by the Vice President for successes chalked.
The President during his state of the Nation Address said:” I am glad to be able to report that the Economic Management Team, under the stellar leadership of the strong, brilliant economist, Vice President Mahamudu Bawumia, has risen to the challenge, and the hard work is beginning to show positive results.
We have reduced taxes, we are bringing down inflation and interest rates, economic growth is increasing, from the alarming 3.6% at December 2016, to 7.9% in our first year, and the indications are that it will be even better this year. We have increased our international reserves, maintained relative exchange rate stability, reduced the debt to GDP ratio and the rate of debt accumulation, we have paid almost half of the arrears inherited, and, crucially, we are current on obligations to statutory funds. I am also pleased to report that the 3-year IMF-supported Extended Credit Facility Programme, begun in 2015, comes to an end this year. The relatively good macroeconomic performance in 2017 will strongly support our successful completion of the IMF programme. We are determined to put in place measures to ensure irreversibility, and sustain macroeconomic stability so that we will have no reason to seek again the assistance of that powerful global body”.
“In the first place, when an economy is managed properly, it shows in the strength of the financial sector and I will like to take you through a summary of the economic and financial data of the Bank of Ghana (BoG)”, he revealed
He disclosed that the liquidity of the banking sector in 2016 stood at 22% but shrunk to 16% in 2017 under the current New Patriotic Party (NPP) administration even with the issuance of the controversial Energy Bond blaming the situation to the incompetence of the current administration.
Mr Adongo touted the credentials of former Vice President John Dramani Mahama as head of Economic Management 2010 who though had no background in economics improved the economy of the country compared to what is currently being witnessed.
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