Ghana's Debts Increase?

NPP Government has increased the country's debts -NDC
Accra, Nov. 27, GNA - The New Patriotic Party (NPP) Government has increased the 41 trillion cedis public debt it inherited from the National Democratic Congress (NDC) Government in 2001 to 43.44 trillion cedis, the Highly Indebted Poor Countries (HIPC) relief, notwithstanding.
This was contained in "NDC Response to the 2007 Budget Statement and Economic Policy" read by Dr Benjamin Kumbuor, (NDC) Ranking Member of Finance and Economic Planning, at a press conference in Accra on Monday.
The NDC, therefore, asked the Government to provide details of all loans it had contracted since it assumed office and to tell Ghanaians to what use those loans were put.
The NDC said that was necessary because "as at the end of 2005, the stock of public debt stood at 8,382.5 million dollars or 77.69 trillion cedis.
"And as a result of MDRI and HIPC debt relief, public debt as at the end of 2006 is equivalent to 4,670.59 million dollars or 43.44 trillion cedis."
Dr Kumbuor said 31 per cent of the Budget was to be donor-funded yet budgetary expenditure that was required for it was given only 21.3 per cent and out of the total investments of 11,565.2 billion cedis only 2,598.9 billion cedis or 4.2 per cent would come from the nation's own domestic resources.
Dr Kumbuor said only 20 per cent was provided for salary increases and based on this "all the talk of enhanced salaries effective January 2007 is nothing but propaganda".
He criticised the Agriculture Policy of the Government, saying, =93the vast Accra and Afram Plains remained unutilised and yet the downstream waters of the Volta, Pra, Tano and Bia Rivers just flow into the sea but no effort is made to utilize these water resources to produce food to feed the people".
Dr Kumbuor flayed the Government for increasing the cocoa price by a paltry 150,000 cedis per tonne having pegged the producer price at nine million cedis per tonne for three years, adding, 93the cheating of the cocoa farmer is taking place at a time when the Minister (of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu) himself admits that FOB (Free on Board) cocoa prices in the 2006 averaged 900 pounds or 1,620 dollars=94.

NPP Government has increased the country's debts -NDC
Accra, Nov. 27, GNA - The New Patriotic Party (NPP) Government has increased the 41 trillion cedis public debt it inherited from the National Democratic Congress (NDC) Government in 2001 to 43.44 trillion cedis, the Highly Indebted Poor Countries (HIPC) relief, notwithstanding.
This was contained in "NDC Response to the 2007 Budget Statement and Economic Policy" read by Dr Benjamin Kumbuor, (NDC) Ranking Member of Finance and Economic Planning, at a press conference in Accra on Monday.
The NDC, therefore, asked the Government to provide details of all loans it had contracted since it assumed office and to tell Ghanaians to what use those loans were put.
The NDC said that was necessary because "as at the end of 2005, the stock of public debt stood at 8,382.5 million dollars or 77.69 trillion cedis.
"And as a result of MDRI and HIPC debt relief, public debt as at the end of 2006 is equivalent to 4,670.59 million dollars or 43.44 trillion cedis."
Dr Kumbuor said 31 per cent of the Budget was to be donor-funded yet budgetary expenditure that was required for it was given only 21.3 per cent and out of the total investments of 11,565.2 billion cedis only 2,598.9 billion cedis or 4.2 per cent would come from the nation's own domestic resources.
Dr Kumbuor said only 20 per cent was provided for salary increases and based on this "all the talk of enhanced salaries effective January 2007 is nothing but propaganda".
He criticised the Agriculture Policy of the Government, saying, =93the vast Accra and Afram Plains remained unutilised and yet the downstream waters of the Volta, Pra, Tano and Bia Rivers just flow into the sea but no effort is made to utilize these water resources to produce food to feed the people".
Dr Kumbuor flayed the Government for increasing the cocoa price by a paltry 150,000 cedis per tonne having pegged the producer price at nine million cedis per tonne for three years, adding, 93the cheating of the cocoa farmer is taking place at a time when the Minister (of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu) himself admits that FOB (Free on Board) cocoa prices in the 2006 averaged 900 pounds or 1,620 dollars=94.