NDC Considered 100 Year Bond When They Were In Power – NPP Organizer
National Youth Organizer of the governing New Patriotic Party (NPP), Henry Nana Boakye (Nana B) has stated that the National Democratic Congress (NDC) led by former President John Dramani Mahama and Formal Finance Minister Seth Tekper considered going in for a centenary bond when they were in power.
Nana B made this revelation earlier today on Adom TV. According to him, the main opposition had planned to pump the hundred year bond into infrastructural projects. He opines that Mr. Mahama and the former Finance Minister knew that long term loans are less expensive to service than short term loans so they wanted to secure one.
“The NDC under His Excellency the former president, John Mahama, considered positively going for some of these long-term bonds to improve on Ghana’s infrastructure”, Nana B emphasized.
His comments comes on the back of attacks from the Minority on the fifty billion dollar ($50 bn) centenary bond that the NPP is considering to secure. His Exellency Nana Addo Dankwa Akufo Addo delivering a speech in China on the back of his visit to the Asian country has said that they are considering securing the centenary bond to be used for infrastructural projects as well as help Ghana realize the Ghana beyond aid policy.
“The Ministry of Finance and the economists in Ghana are looking at floating a $50 billion Century Bond”, Presidnet Akufo Addo said.
“This will provide us with the resources to finance our infrastructural and industrial development. We are hoping that, at some stage, China will interest itself, and take a part of it as China’s contribution to Ghana’s development”, the president added.
The Minority has argues that securing a bond of that nature will mean mortgaging the future of the country for a very long time and future generation will come and suffer the consequences.
The NPP youth organizer believes that when you speak to any economist, he will tell you that long-term bonds are less expensive to service than short-term bonds.