Akufo-Addo, Mahama may be running a Ponzi Scheme, but Nkrumah and the CPP ran a planned economy - A response to Kwaku Kwarteng

The Convention Peoples Party has chanced upon a write-up by the Member of Parliament for Obuasi West and former Deputy Minister of Finance, Hon. Kwaku Kwarteng, which seeks to suggest that since independence, Ghana has survived by overspending our means and borrowing to finance the overspending.

As much as we in the CPP agree with Hon. Kwaku Kwarteng that both the NPP and NDC lack the technical economic know-how to save Ghanaians from habitual borrowing and servicing debt, it has become obvious that Hon. Kwaku Kwarteng is frustrated due to the “Ponzi Scheme” economic mismanagement by the NPP and the NDC under the 4th Republic. We want to tell him that Nkrumaism (scientific socialism) once upon a time put Ghana on the road to economic independence.

Hon Kwaku Kwarteng must know that Osagyefo Dr Kwame Nkrumah and the CPP did not build state-owned factories like

Pomadze Tomato Factory,

Komenda Sugar Factory,

Asutsuare Sugar Factory,

Bolgatanga Meat Factory

Kumasi Jute Factory

Kumasi Shoe Factory

Kumasi Pencil Factory

Ghana Railways Corporation,

Ghana Airways,

Tema Dry Dock,

Tema Sanyo company

Tema Steel Works,

Tema Batteries

Tema Paints Factory,

Tema Cold Stores,

Tema Food Complex

Abosso Glass Factory,

Bonsa Tyres, Kade Match Factory

West Africa Mills Company

Tema Steel Company

Ghana Agro Food Company, formerly TFCC

GIHOC Bottling (became

The Coca-Cola Bottling Company of Ghana Ltd.

Gliksen W/A Company

Ghana Oil Palm Development Company

Tema Oil Refinery

GNPC

Suhum Garment Factory

Ghana Fishing Corporation has 21 trawlers.

In order to overspend beyond our means in order to go back to borrowing.

Again, we want Hon. Kwaku Kwarteng, who obviously did not take the history courses he learned at school seriously, to know that the CPP and Osagyefo Dr. Kwame Nkrumah did not set up the following state-sponsored banks:

The Agriculture Development Bank (ADB)

National Investment Bank (NIB)

Ghana Commercial Bank (GCB), etc.

The confusion that has rocked both the NPP and the NDC regimes under the 4th Republic in the management of the economy has been caused by their delusion that the private sector is the engine of economic growth.

We, the CPP and the true Nkrumahists, still maintain that the Government of Ghana has been lazing around for far too long under the excuse that the State has no business doing business.

The Convention Peoples Party has the solution to end the Ponzy Scheme Economic Policy, which Hon Kwaku Kwarteng admits that both his parties, the NPP and the NDC, have been running since 1993.