NPP now throwing party for borrowing; Bawumia must apologise - Anim Piesie

Bernard Anim Piesie, a Member of the Communications Team of the National Democratic Congress (NDC), wants the ruling New Patriotic Party (NPP) to "apologize" for misleading Ghanaians.

According to him, the NPP through their then running mate, Dr Mahamudu Bawumia, "deceived" Ghanaians that the NDC had increased the country's debt stock as a result of needless borrowing and so must be voted out of office.

"But now they are borrowing and even throwing a party to celebrate it," he bemoaned.

“They said borrowing is a lazy man’s approach . . . now they are doing it exceedingly . . . they must apologize to Ghanaians. Why are they celebrating? . . . to whom much is given much is expected,” he added during a panel discussion on Peace FM's morning show ‘Kokrokoo’.

Anim Piesie was reacting to the staff durbar held at the forecourt of the Finance Ministry to celebrate the successful $3billion Eurobond.

"Economic Hat-trick"

Ghana’s Finance Ministry on Friday organized a food party in the capital Accra to celebrate what it describes as significant economic successes.

A poster announcing the event dubbed “Kenkey Party”, said the Ministry was celebrating “Ghana’s Hat-Trick” of successes.

Those successes include "successful issuance of Eurobond" abroad raising some $3 billion for various projects.

The country’s “completion of IMF-ECF program” and the slight "appreciation of the national currency the cedi, were also reasons for the celebration.

But many have criticized the event as unnecessary.

Depreciation

Ghana’s currency the cedi in recent weeks suffered significant depreciation sparking debates among Ghanaians.

The cedi in February suffered a record fall against the U.S dollar and other major foreign currencies. At the time the currency depreciated by 8.6 percent representing the highest among over 140 currencies tracked by financial experts.

Remarkable Recovery

But on Friday, 22nd March, the local currency experienced its strongest performance against the US Dollar in the past three months after gaining 8 pesewas to end the day selling at GHC5.16 on the interbank foreign exchange market.

However, some financial analysts say this cannot last, an opinion that Mr Anim Piesie subscribes to.

To him, the recent appreciation of the cedi is only temporary and the local currency will definitely depreciate again because the "Vice-President had told Ghanaians that borrowing to support the cedi is not sustainable".