Akufo-Addo Cautions Government On Borrowing

Nana Addo Dankwa Akufo-Addo

The flag bearer of the New Patriotic Party (NPP) for Election 2012, , has cautioned the Mills administration to desist from what he described as excessive borrowing because that can have dire consequences on the nation in the long term.

“There appears to be a mad rush for billions of dollars of loans,” he said and advised the government to “proceed responsibly.” “We may have to revisit our HIPC experience if we don’t borrow responsibly,” he added.

Delivering the maiden edition of the annual Liberty Lecture Series instituted by the Danquah Institute, a media, research and policy analysis centre, in Accra, Nana Akufo-Addo contended that in spite of the huge borrowing and the plenty of resources emanating from the new-found oil wealth and the high cocoa and gold prices, the Mills administration had not been able to make any meaningful impact on national development and the lives of Ghanaians.

“What has been the impact of these massive resources on the lives of the people? Where are the projects?” he queried, as he criticized the economic policy and management of the National Democratic Congress (NDC) administration and outlined what appeared to be a foreword of an NPP manifesto for Election 2012.

The Liberty Lecture Series, according to the organisers, is a celebration and recognition of the contributions of several people and the many events that led to the attainment of independence on March 6, 1957, particularly, the events of August 4, 1897 and August 4, 1947.

On August 4, 1897, a cohort of Gold Coast nationalists, including John Mensah Sarbah, formed the Aborigines Rights Protection Society in Cape Coast to defend the human rights of the people. Again, on August 4, 1947, another group of Gold Coast nationalists, including Paa Grant and Dr J. B. Danquah, formed the United Gold Coast Convention (UGCC), which put the struggle for independence into a high gear before the emergence of Dr Kwame Nkrumah on the scene to finish the independence race.

Addressing a large audience at the Ghana College of Physicians and Surgeons, including former President J. A. Kufuor, the NPP flag bearer said the danger with the huge borrowing by the Mills administration was three-fold: lack of adequate value-for-money assessment, debt sustainability issues and insufficient preparedness on how these loans must be spent.

He said an NPP government under his leadership would initiate an economic transformation programme to put Ghana on a clear path towards a high income economy and make Ghanaians, high income earners. “We can’t continue travelling the worn path of limited success of being exporters of raw materials. Our problems require that we think outside of the box”, he said.

Nana Akufo-Addo proposed the establishment of an Economic Development Authority (EDA) whose mission would be to create a sustainable economic growth with vibrant businesses and good job opportunities.

He said if voted to office, his administration would also institute measures to place foreign investors and local investors on the same footing as far as incentives are concerned, to enhance competitiveness.

On education, Nana Akufo-Addo said he would end the ritual of changing the duration of senior high school by keeping to the current system.

Rather, his administration would offer all the necessary support to make the education system more effective. He reiterated his promise to make senior high education free and the minimum level of education for all Ghanaians.