PNC condemns currency denomination

The People's National Convention (PNC), on Wednesday described the printing of the 10,000 and 20,000 cedi currency notes as baseless and lacking economic sense since the government was already actively involved in discussions with ECOWAS on a common currency for the sub-region.

Dr. Edward Mahama, leader of the party told a news conference in Accra that the New Patriotic Party (NPP), administration claimed it was able to stabilise the value of the cedi when in actual fact the cedi had fallen from 7000 cedis to almost 9000 cedis to a dollar as at now.

He said the depreciation of the cedi was one of several crises facing the nation, adding that, "After two years of rule the government has only been increasing prices of commodities including petroleum products.

Dr. Mahama admitted that the NPP government inherited a debt of 1.3 trillion cedis from the Tema Oil Refinery (TOR), at the beginning of 2001 from the previous government but that debt has now increased to 4.3 trillion cedis as at the end of 2002.

He thus called on government to explain to Ghanaians how the formula for increasing ex-pump petroleum price to 60 per cent in February 2001, a decision that government said would be used to pay off TOR's debt.

Dr Mahama said since the increase in price of fuel in 2001, there had been increases in prices of water, electricity and several other items that have in turn shot up transport fares, food, rents, school fees, medical services and other several critical items of survival for the average Ghanaian.

On the privatisation of water, the PNC called on government to have a second look on the facility since water was for life.

Dr Mahama warned government not to privatise water and electricity, saying, "if government fails to listen to the views of the citizenry and went ahead to privatise water and electricity in this year, the facility would become so expensive and less available to a greater number of citizens who are already poor and would consequently increase water-born diseases".

The party also condemned the government's mass registration of unemployed youth describing it as "a hoax with the high unemployment rate getting worse everyday". Dr Mahama commended the New Democratic Congress (NDC), party for handing over power honourably and that NPP too should be ready to hand over power in 2005 in the same manner.

David Apasera, PNC Member of Parliament (MP), for Bolgatanga constituency in an interview with GNA after the conference observed that the mass unemployment, especially among the youth was the main reason of crime in the country and called on government to work at reversing the situation.