Suggestions to spend Heritage Fund is a sign of desperation - Baako

The General Secretary of the ruling National Democracy Congress (NDC) recently came under strong criticisms for suggesting that government should fall on the country’s Heritage Fund to help in reducing the current economic crisis.

He indicated that it does not make sense for the country to be going through such difficulties whiles an amount of $120 million as Heritage Fund is kept in a foreign country.

“In the current situation that we find ourselves, it doesn’t make economic sense to be keeping any money called Heritage Funds,” he argued and added that there is the need for an amendment to Act 815.

Act 815 which established the Ghana Heritage Fund spells out the objectives of the Fund, to among others, provide “an endowment to support development for future generations when the petroleum reserves have been depleted.”

This provision of the Act is part of the reasons why several people have kicked against the proposal of the NDC kingpin.

Interestingly, the Minister of State in charge of Finance and Allied Institutions, Fiifi Kwetey, supports the call for an amendment to the Act that established the Fund.

According to him, the creation of the Fund “was the most nonsensical thing that can be done. It’s just absolute nonsense and I’ve maintained that position throughout.”

But contributing to a panel discussion on Kokrokoo, Kweku Baako said for a ruling government to think of using such a small amount to salvage the declining rate of the economy perhaps indicates they have run out of options.

“This same people said we have finished chewing the meat and now it is left with bones; and so now do they want us to go for the bones? Is that what is being suggested? That tells me the situation is a very desperate one. This is a voice of desperation. It is an admission of failure.

“Such a small amount; 120 million dollars…it is such a bankrupt suggestion. It ought not to even be entertained. I don’t understand. I am feeling that perhaps we are not being shown the full picture of how bad the economy is. This can prove that maybe the situation is very bad; otherwise what is the big deal. A General Secretary of a ruling party is at least knowledgeable to know; he must have the information…I am shocked,” Kweku Baako said.