Nana Addo: Where are the projects for Mills' mega loans?

Nana Akufo-Addo delivering his address at the Danquah Institute maiden lecture

The New Patriotic Party flagbearer has launched a stinging indictment on the Mills administration over what he refers to as a mad rush for loans, the fruits of which have been, if anything, elusive.

Nana Akufo-Addo claims the Mills administration has in the past two years caused Parliament to approve over $10 billion but its impact on Ghanaians has been negligible.

He was delivering his major policy statement at the first ever Liberty Lectures organized by the Danquah Institute and in honour of the founders of the Aborigines Right Protection Society.

Nana Addo's statement will be the reference point from which the next New Patriotic Party manifesto will be couched for next year's general election.

The policy statement which lasted well over an hour saw the NPP flag bearer delve into how he will, if given the opportunity, lead the country, transform the economy, education, and the citizens' inalienable rights and freedom to aspire for success.

The statement was also not without jabs to the ruling NDC government with Nana Addo describing the Mills administration as a loan-happy, incompetent and visionless government.

According to him, Ghana's debt stock has increased excruciatingly with very little to show for it.

http://www.dailyguideghana.com/wp-content/uploads/2011/09/nana_kofour.jpg 'There appears to be a mad rush for billions of dollars of loans. And we mention billions as if we are still in the era of the old billion cedis. Perhaps we need to remind the current custodians of the national purse that somewhere in-between-their time in opposition; four serials were knocked off their local currency.

'At the end of 2008, Ghana's domestic debt stood at 4.8billion cedis equivalent to $3.3 billion. According to the Bank of Ghana at the end of June 2011, Ghana's total domestic debt was 10.8 billion cedis showing an increase of 30 per cent over the previous six months alone and this was before the recent bond issue of 300 million cedis at 14 per cent interest rate.

He said the figures for Ghana's external debt show similar increases giving rise for responsibility by the government.

“Current figures from Parliament are even more troubling. We may have to visit our HIPC experience if we don't borrow responsibly,” he stated.

Where is the money
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A section of participants applauding a submission at the lecture

He said $10 billion has been borrowed so far by President John Mills without taking into consideration adequate value for money assessment and debt sustainability issues.

'Where is the money? What has been the impact of these massive resources on the lives of the people. Where are the projects?' he quizzed.

He said the Minority in Parliament ought to be commended and not condemned for living up to their responsibility for insisting on financial scrutiny.

Delving into the controversial STX housing project, Nana Addo said the NDC dismissed the legitimate criticisms by the opposition, describing it as 'shrill cries of a jealous group who are not interested in our security personnel. Now we are told that the Castle has become the alternative dispute resolution centre for the estranged partners of the STX.'

He said it is the duty of the Government to put its best foot forward in terms of negotiation for loans for the country.

Nana Addo said the recent $3 billion loan agreement was not well thought through and Ghana will be shortchanged in the long term.

On education, Nana Addo promised that a government under his stewardship will not play politics with Ghana's education.

Whilst maintaining the current educational structure, the NPP flagbearer said without equivocation that a free SHS education will be attained in his first term.

Whilst the cost in achieving such a feat will be high, he said the cost in not achieving that will be much higher with the future of the Ghanaian youth still remaining in shambles.

He challenge the youth to believe in themselves and their God-given talents and strive at all times for a better Ghana.

The lecture was attended by all who matter in the opposition NPP. Ex-president John Kufuor, sacked boss of the Korle Bu Cardiothoracic Centre, Prof. Frimpong Boateng, former Ministers of state as well as sittimg MPs were all in attendance.

Source: Myjoyonline