National debts hit record 9 billion - claims NDC

Accra, Sept. 3, GNA - The National Democratic Congress (NDC) on Wednesday said the ruling New Patriotic Party (NPP) had accumulated over 7.8 billion dollars (GH¢ nine billion, equivalent of about 90 trillion old cedis) debt over the last eight years in spite of debt relief. Mr. Fiifi Kwettey, NDC National Propaganda Secretary, at a press conference in Accra noted that the national debt from independence to 2001 was a mere 5.8 billion dollars or 4.1 billion cedis (41 trillion old cedis).

He therefore asked the Ghanaian electorate to reject the NPP at Election 2008.


The press conference dubbed; "NDC Setting the Records Straight," is a platform the party has adopted to expose alleged NPP "misinformation, distortion of facts" as well as educate the electorate on the "true state of the nation".


Mr Kwettey said since 2001 the NPP had distorted facts about the state of the economy, criminalized the NDC for allegedly accumulating a debt portfolio of about 41 trillion old cedis. The NDC also debunked the NPP's claim of remarkable improvement in the economy since 2001.


Mr Kwettey said an NPP economic expert, Mr Kwame Pianim, recently exposed the fragility of the economy and called for an injection of about 130 million dollars to stabilize the economy and reduce escalating inflation.

He also cited the failure of the government to pay the fees of students on Government of Ghana scholarship at the University of Nottingham, delay in release of grants for second cycle schools in the three northern regions and non-payment of waste management contractors for months.


Mr Kwettey, flanked by some leading members of the NDC including Mr Enoch Teye Mensah, said: "We handed over the economy when a gallon of kerosene was GH¢ 0.45, but the NPP has moved it to GHC6.00; a bundle of roofing sheets has gone up from GH¢ 35 cedis to the current GH¢ 250; a bag of cement was about GH¢ 2.00 to the current GH¢ 10.00.." The NDC also debunked the perception that the NPP inherited empty economic coffers in 2001. "The truth, however, is that at the end of January 2001, less than month after assumption of power, all public and civil servants were dully paid.


"Some contractors whose jobs were due for payment were also paid.the NPP government also found enough money in those so called empty coffers to start expensive renovation of the seat of government, the State House, Ministerial and other Official bungalows."


The NDC said the World Bank, the African Development Bank and other multi-lateral agencies have recently admitted that Ghana's economy registered a consistent growth from 1984.