I have never been a fan of JJ Rawlings and the corrupt NDC government by any stretch of the imagination. But to use those superlatives to describe Kufour's NPP performance from 2001 to 2008 leaves much to be desired.
It is ... read full comment
I have never been a fan of JJ Rawlings and the corrupt NDC government by any stretch of the imagination. But to use those superlatives to describe Kufour's NPP performance from 2001 to 2008 leaves much to be desired.
It is true that ignorance is bliss, particularly in Ghana as we as a people do not know any better. We just look at the optics without gaining deeper understanding of the subject matter and its ramifications of the issue at hand and extract extravagant analysis depending on our political colouration.
Was HIPC right for Ghana? Read what eminent lawyer Akoto Ampaw wrote on March 2, 2001 and I quote: "The Kufuor government therefore has a choice to make: if it simply intends to survive as a government without any great ambitions of moving this country forward, then clearly, it has something to gain in joining HIPC and adopting another IMF structural adjustment programme... If however it seeks to tackle the socio-economic problems of this country from the root and move us forward as a proud and able people, then it ought to reject HIPC without a second thought."
What price did Ghana pay in joining HIPC? While NKrumah, Gen Ankrah and his NLC junta, JJ Rawlings and his PNDC all sought out means to bail out Ghana's foremost foreign exchange earner, Ashanti Goldfields Ltd. Kufuor and his NPP government without a blink of an eye sold Ashanti Goldfields Ltd. in 2003 to Anglogold, a British company. If the writer of this article has not read the sales agreement between the Kufour and his NPP government and Anglogold, he should look for it on the internet and update his knowledge about the damage Kufour and his NPP did to our country. Apart from the 15 years tax holiday Kufuor granted to Anglogold, Anglogold is to lease our rich gold lands in Prestea and Oboasi Mines and others for 55 years, just to go to Buckingham Palace to have tea with the Queen of England. What about the sale of Ghana Telecom to Vodafone another British company.
That is what IMF conditionality in HIPC cost us. Two of Ghana's marquee companies; Ashanti Goldfields ltd. and Ghana Telecom became the sacrificial lambs under Kufuor.
But seriously, what did Kufuor/Bawumia redenomination of the cedi and pegging the new cedi at 93 pesewas to $1 US do to the cedi. The cedis poor performance with major world currencies began immediately in 2007 after the useless redenomination exercise and pegging the cedi to the US dollar based on useless macroeconomics assumptions. I challenge the writer of this article to go to BoG website to find out how much US dollar sales the Bank made surreptitiously in 2007 to prop up the falling cedi. The destabilization of the cedi started in Kufuor's administration and spilled over to the NDC administration. Read Dr. Kwabena Duffuor's assessment of the falling cedi if the writer would like to gain knowledge.
If you were to ask me about JA Kufuor, I will tell you he was the worst President ever and the most corrupt, and why do I say that? 1) Due to the smooth transfer of power from the Rawlings NDC government to the NPP government at the time of political crises in Kenya's election and elections at other part of Africa, the world could not believe a defeated African government would voluntarily hand over power to opposition party without bloodshed. But this historic and landmark event happened in Ghana and garnered a lot of goodwill for the country. The west wanted to use Ghana's example for other countries in Africa to emulate. The new Kufour's NPP government was awashed in bi-lateral trade and financial aid support agreements from the west; especially the scandinavian countries (Sweden, Denmark, Finland, etc.)
2) cocoa price after years of decline began to surge in 2001 at an unprecedented rate; a tonne of cocoa went from $500 to $2,500 under Kufuor, as the Chinese government with its high GDP rates was scooping up every tonne of cocoa Ghana and Ivory Coast produced from 2001 to 2006 before the sub prime mortgage meltdown in the US hit.
3) So also was the upsurge in gold prices; the price of gold had been depressed for a very long time causing Ghana's own Ashanti Goldfields ltd to make risky hedge schemes which nearly brought the company down. But gold price upsurge started in 2001 from $250 an ounce to nearly $1,800 an ounce at the close of 2007 fiscal year. As they say, money was no object in Kufuor's NPP administration yet Kufuor and his NPP left the country broke with the cedi in tatters after the party's defeat.
Ghana's so called "development partners" during Kufuor's administration were prepared to go to any lengths to support Ghana's fledgling democracy with financial support and accessibility to their markets. But JA Kufuor was nowhere to be found - he is the most travelled head of state in the world second to Pope John Paul II who passed away in 2005. If JA Kufuor had stayed at home and performed his duty as required of him Ghana would have been a paradise for the eight years he was in power because he was the most luckiest President ever - George Bush's Iraq war brought fortunes to the world economy as the west had enough money to spare boosting their foreign aid budgets.
Nkrumah was not as fortunate as JA Kufuor, and only heavens know what Nkrumah or KA Busia would have done with high cocoa and gold prices during their leadership. Time will not permit me to go into detail the damage Kufour and the NPP did to our country and Kufuor's corrupt practices.
Matthew 6 years ago
You asked the author: “where is the mess?
Were you angry when typing such a preposterous question?
How could (Kwabena Yeboah), who is claiming to have superior powers of the mind not conversant with the mess left by t ... read full comment
You asked the author: “where is the mess?
Were you angry when typing such a preposterous question?
How could (Kwabena Yeboah), who is claiming to have superior powers of the mind not conversant with the mess left by the erstwhile NDC administration?
The author asks: “It is worth stressing that when former President Kufuor took over from former President Rawlings, debt as a percentage of the GDP was not only unsustainably high, but also denied Ghanaians of money which could have been used for essential developmental and social projects”.
I ask you: Is the author right or not?
The author writes again: “Take, for example, the average GDP growth of the NDC from 1993-2000 was 3.8% while that of the NPP from 2001-2008 was5.2% (Daily Guide, 2016)”.
Kwabena Yeboah, is the author belying the facts?
You’ve copiously referred to sceptics of the HIPC. But the all-important question is: did the HIPC move Ghana towards a favourable growth path or not?
The author writes: “As a result of the HIPC initiative and prudent borrowing, Ghana’s external debt stock actually declined from $6.1 billion in 2000 to$3.8 billion by 2008, the first time in Ghana’s history (Bawumiah 2016)”.
Is the author skewing the facts?
The author states: “Take, for example, the late President Mills inherited from the NPP government, a total debt of GH9.5 billion and a favourable economic growth of around 8.4 per cent in 2009 (BOG 2009)”.
Kwabena Yeboah, if, indeed, the NPP government managed to grow the economy to 8.4 per cent in 2008 from around 3.5 in 2001, don’t you think it was a vast improvement on the economy?
The author writes: “Regrettably, though, Ghana’s total debt ballooned astronomically following the unbridled spending in the 2012 general election and the numerous corruption scandals involving GYEEDA, SADA, SUBA, Bus Branding, dubious judgement debt payments and many others”.
“The Progressive Nationalist Forum (PNF) for example, estimates that monies lost to corrupt and dubious transactions (GYEEDA, AZONTABA, SADA, SUBAH, the purported $250million debt incurred on the faded STS housing deal, the dubious Embraer 190 Aircrafts and hanger for the Ghana Armed Forces and over a US$100 million oil revenue loss between 2011 and 2013 as reported by the Public Interest& Accountability Committee) under the presidency of John Dramani Mahama, amounted to over GHC5billion”.
“So, where is the justification of your criticisms when the erstwhile NDC government wilfully increased a GH9.5 billion debt in 2009 to a staggering GH122 billion, albeit with a little to show for, in just a period of eight years?
“How can you persuade some of us to be on your side when the maladaptive NDC government’s woeful errors in judgement shrunk Ghana’s GDP from $47 billion to $37 billion in a little over five years?”
I am most grateful for your exegesis, Mr Badu.
To Kwabena Yeboah: If you don’t acknowledge what the author has delineated above as a mess, then I am afraid, you need take a critical thinking course.
Kwabena Yeboah 6 years ago
First of all my question was 'What mess'? not where is the mess? Because you got the opening statement wrong, your whole response is critically flawed. In grammar what mess, and where is the mess mean different things - absol ... read full comment
First of all my question was 'What mess'? not where is the mess? Because you got the opening statement wrong, your whole response is critically flawed. In grammar what mess, and where is the mess mean different things - absolutely not the same.
Please my friend, you cannot fool anyone here because I know you wrote the article and the name Matthew is only a cover. What I am asking you to do is go back and read my critique of your article once again making sure that you have all the syntheses nailed down, then we can go at it.
Make sure you understand the first paragraph of my critique because it is the primer that defines the gist of my critique.
See you shortly.
Tatiana 6 years ago
Are U yet to get a job 5 months into 2017? Between 18-50 yrs?Are U a graduate or secondary school leaver?Are U retired, sacked or tired of salary work? U want a biz with high returns, skill as capital, lowest startup costs? 1 ... read full comment
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Tatiana 6 years ago
Are U yet to get a job 5 months into 2017? Between 18-50 yrs?Are U a graduate or secondary school leaver?Are U retired, sacked or tired of salary work? U want a biz with high returns, skill as capital, lowest startup costs? 1 ... read full comment
Are U yet to get a job 5 months into 2017? Between 18-50 yrs?Are U a graduate or secondary school leaver?Are U retired, sacked or tired of salary work? U want a biz with high returns, skill as capital, lowest startup costs? 1.Make average $30-$50 or more daily2.Meet high net worth individuals[opportunities in people]3.Grow in IT knowledge 4.Be highly sought after [Money looking for U].5.Employ others! Just get "Mobile Phones & Tablets Repairs : A Complete Guide for Beginners and Professionals" from Amazon marketplaces, Barnes & Noble, eBay etc today & LEARN HOW TO EARN thru this bestselling book! Don't waste 1 WHOLE yr waiting for a (THAT) job !
KSP 6 years ago
We all saw the things you're talking of and we can see that you're just trying to skew things in favour of the NPP.
Kufuor's government was as equally corrupt as Mahama's. The management of the economy wasn't any much bet ... read full comment
We all saw the things you're talking of and we can see that you're just trying to skew things in favour of the NPP.
Kufuor's government was as equally corrupt as Mahama's. The management of the economy wasn't any much better.
This rambling nonsense you put here won't convince many of your so-called "concerned Ghanaians".
AB 6 years ago
The only mess needed to be undone is the one the family government Mr. Addo is creating.
The only mess needed to be undone is the one the family government Mr. Addo is creating.
Matt 6 years ago
Corrupt and incompetent NDC cannot help Ghana.
Corrupt and incompetent NDC cannot help Ghana.
kwame 6 years ago
What a mess, we as Ghanaians only think about food. Didnt he promises heaven on earth so let him fix the damn thing. His vice was all over claiming "she" knows everything. The world economy is hard, America is hard, Europe is ... read full comment
What a mess, we as Ghanaians only think about food. Didnt he promises heaven on earth so let him fix the damn thing. His vice was all over claiming "she" knows everything. The world economy is hard, America is hard, Europe is hard so lets work hard to solve our own problem.
The economy was on good terms before he came into power so please stop this stupid publications. Didnt he said it was a mess that he will fix it? so whats is the cry now.
Joy 6 years ago
Useless NDC
Useless NDC
Jato P 6 years ago
Both NPP and NDC are the same. Just wait for two years and you will begin to see that thingsvwill begin to fall apart.
Both NPP and NDC are the same. Just wait for two years and you will begin to see that thingsvwill begin to fall apart.
I have never been a fan of JJ Rawlings and the corrupt NDC government by any stretch of the imagination. But to use those superlatives to describe Kufour's NPP performance from 2001 to 2008 leaves much to be desired.
It is ...
read full comment
You asked the author: “where is the mess?
Were you angry when typing such a preposterous question?
How could (Kwabena Yeboah), who is claiming to have superior powers of the mind not conversant with the mess left by t ...
read full comment
First of all my question was 'What mess'? not where is the mess? Because you got the opening statement wrong, your whole response is critically flawed. In grammar what mess, and where is the mess mean different things - absol ...
read full comment
Are U yet to get a job 5 months into 2017? Between 18-50 yrs?Are U a graduate or secondary school leaver?Are U retired, sacked or tired of salary work? U want a biz with high returns, skill as capital, lowest startup costs? 1 ...
read full comment
Are U yet to get a job 5 months into 2017? Between 18-50 yrs?Are U a graduate or secondary school leaver?Are U retired, sacked or tired of salary work? U want a biz with high returns, skill as capital, lowest startup costs? 1 ...
read full comment
We all saw the things you're talking of and we can see that you're just trying to skew things in favour of the NPP.
Kufuor's government was as equally corrupt as Mahama's. The management of the economy wasn't any much bet ...
read full comment
The only mess needed to be undone is the one the family government Mr. Addo is creating.
Corrupt and incompetent NDC cannot help Ghana.
What a mess, we as Ghanaians only think about food. Didnt he promises heaven on earth so let him fix the damn thing. His vice was all over claiming "she" knows everything. The world economy is hard, America is hard, Europe is ...
read full comment
Useless NDC
Both NPP and NDC are the same. Just wait for two years and you will begin to see that thingsvwill begin to fall apart.