NPP used $7 billion for investment

It is rather unfortunate that the P/NDC government continue to throw dust on our eyes about the state of economy. P/NDC government left over US$ 5.2 billion dollars debt in 2001 before handing over power to NPP. The cause of that debt was not known to every Ghanaian because they did not embark on any intensive projects in the country.

Whether the purchasing and licencing of (101) state owned vehicles by their party functionaries (2001) through the so called "due process" formed part of the debt, nobody understood.

P/NDC government divested over 300 state-owned enterprises before leaving office but left with huge amount of debt for Ghanaians to pay. According to statistics, inflationary rate stood around 40% before handing over to NPP government while our debt was over US$ 5.2 billion.

NPP managed the country with the little resources at their disposal and brought life to Ghanaians again through the help of their creditors. The debt cancellation contributed effectively to the development of the country though not the whole debt was written off.

NPP government began to embark on intensive projects through the help of the donor communities who had hope in the government.

The following are the brief analysis of the intensive projects which took place and also formed part of our so called US$ 7 billion dollars debt.

1.1 Metro buses were introduced into the system and they have over (900) buses in the country today. Imagin the costs of the buses.

1.2 Ghana Cocobod financed itself with annual loan to purchase cocoa beans. The loan was US$ 1 billion dollars

1.3 Bui dam which is under construction was estimated at US$ 1 billion dollars

1.4 CAAN 2008, the cost of 4 new stadia plus refurbishment of the old ones was over US$ 200 million dollars

1.5 The cost of (14) New fishing harbours and cold stores along the coast which are under construction was about US$ 150 million dollars

1.6 The symbolic and tangible Presidential Palace also costed about US$ 80 million dollars

1.7 Road constructions around the country and numerous overhead bridges in Kumasi and Accra costed over US$1 billion dollars

1.8 Valco aluminium company purchased by NPP government from it founders was about US$ 600 million dollars

1.9 Ghana Telecom University College also costed almost US$50 million dollars or more

1.10 Maritime University college costed a lot to the government.

1.11 US$ 1.2 billion dollars P/NDC debt remained uncancelled which was also added to NPP government's debt.

Above all the inflationary rate was reduced from 40% to 18%, then where do we draw the line?

Shall we call the above investments as debts?

NPP projects are serving as benchmarks. All eyes are open looking at what P/NDC government will do. Whether they can perform above the benchmarks of NPP government, ghanaians are waiting to see.

Please, better call the so called US$ 7 billion dollars debt as investments and stop throwing dusts on our eyes.

Thank you.

Sources: Ghanaweb search from January 2001.