NDC Germany Rejoinder: “NDC Not Fit To Manage Ghana's Economy” - Bawumia
5/18/2012 11:36:36 AM -
The office of the NDC Germany communication Directorate has issued a special communiqué to debunk outright the statements made by Dr Bawumia when addressing students of the Koforidua Polytechnic as part of their ( he and Nana Addo) tour of the New Juabeng North constituency in the Eastern Region of Ghana. Ghanaweb publication dated 15th of May 2012 refers.
Dr.Mahamudu Bawumia former deputy bank of Ghana governor and 2012 vice Presidential Candidate of the New Patriotic Party, criticized Mills administration at the Ferdinand Ayim Memorial Lectures on Wednesday 2nd of May 2012 as he stated that 'the rising cost of food products do not reflect the inflation figures that the statistical service has been putting out and they also do not correspond with the exchange rate and other economic indicators'.
Consequently, the statistic department as well as the finance ministry came out to give vital explanations as against Dr Bawumia's assertion. This however did not go well with the opposition NPP vice flag bearer Dr Bawumia but dares accusing the 'Asomdwe-hene'Prof. Mills' administration of being not fit to manage Ghana's economy.
The 'NPP meritocrat' Dr Bawumia charged "It is obvious from the comments the NDC have been making, that they do not understand the simple economic analysis that I put out, and are therefore not fit to manage our economy if they can't understand such simple economic analysis."
The NDC Germany communication team, the authorized mouth-piece for and on behalf of the ruling government (NDC) has diagnosed into the country's economy and therefore assessed that 'Gross Domestic Product (GDP) of $4 billion recorded in the year 2000, the economy has grown to $16 billion as at December 2008. The growth further increased to over $60 billion after the re-basing, which was carried out in 2010.This has made Ghana a lower middle income country.
'Inflation, which was hovering around 18.1% during the opposition NPP era in 2008, has now reduced to a single digit of 8.1% as a result of good governance of Prof.Mills. Within the same period, interest rates also reduced marginally from 27% to the current 26%'.
The research conducted by NDC Germany communication team led by Chris Mensah and Karim Abilla further revealed that,' Following the implementation of the Single Spine Salary Structure (SSSS), the government of NDC puts over GH¢4 billion every month into the pockets of workers in the formal sector. This has greatly improved the remuneration package for the public sector workers especially, the country's security services and our teachers'.
'International foreign reserves have also jumped to a record $4.5 billion, which is enough to give the government two weeks import cover' the research revealed.
The external sector of the economy has seen a lot of improvement since 2008. The current account deficit decreased from US$3,532.2 million in 2008 to US$1,598 million and US$2,594 million in 2009 and 2010 respectively. Also, the overall balance of the balance of payment improved from a deficit of US$940.9 million in 2008 to surpluses of US$1,158.9 million and US$1,462.7 million in 2009 and 2010 respectively. These credible economic achievements were realized shortly after NDC occupied the seat of government.
These data clearly show that Ghana is well on course to realize the fruits of better Ghana Agenda, putting the economy of Ghana as one of the fastest growing economies in the world.
The statement further highlighted that, the fall of the cedi should be attributed to the NPP's flag bearer Nana Akufo-Addo, with his 'all die be die' slogan as well as the recent reckless statement made by 'Akompreko' Hon. Ken Agyapong 'Today, I declare war in this country, Gbevlo-Lartey and his people, IGP should know this'
It's obvious that, discerning investors will usually give a second thought whenever they hear such statements coming from such personalities who are desirous to be given the mandate to rule the nation. These foreign investors, local traders, politicians would instead resort to exchanging their local currencies into hard currencies thus creating artificial shortages which would definitely breed demand and supply phenomenon to adversely affect the economy.
Report by: Mensah Dekportor (Hamburg)