$50bn Century Bond Ruffles NDC...Samuel Okudzeto Ablakwa Leads Opposition
Though the $50 billion Century Bond is still an idea that is yet to be finalised and approved by the government of Ghana, the opposition National Democratic Congress (NDC) has already started raising concerns over its issuance on the international capital market.
President Akufo-Addo, who dropped the hint about the possible issuance of the bond in China recently, said it would provide the country the resources to finance its infrastructural and industrial development.
He said it would also enable the country realise its Ghana Beyond Aid vision without relying on the IMF programme, since the country is exiting the programme with a promise of no return.
Already, countries such as Mexico and Argentina among others have all subscribed to the new method of raising funds to finance long term projects, but Samuel Okudzeto Ablakwa, Member of Parliament (MP) for North Tongu, in a face book post, in reaction to an earlier one by Gabby Otchere Darko, does not believe in the floating of the long term bond.
“Sincerely, the only clear sense of direction we can point to, is the fact that Ghana Beyond Aid starts after 100 years, when we are done redeeming our obligations under President Akufo-Addo’s $50 billion Chinese Century Bond,” Mr Okudzeto Ablakwa said.
Below is the full statement he posted:
Benjamin Franklin was conscious of the limitations of spin doctors, so he famously adopted the principle “well done is better than well said.”
Our friend Gabby Asare Otchere-Darko's latest defence of his cousin’s government makes for some worrying reading. Gabby claims there’s a clear sense of where the Akufo-Addo Government is taking Ghana.
Perhaps, only Gabby is clear about that. As for the rest of us, we only glean this so-called clear sense depending on where President Akufo-Addo travels to.
When he travels to Brazil, he informs us he is developing Ghana based on the Brazilian model. When he arrives in Germany, it is the German model. When President Akufo-Addo finds himself in China, he tells us he’s developing Ghana using the Chinese model.
Never mind that the Chinese model is diametrically opposed ideologically to President Akufo-Addo’s New Patriotic Party (NPP) right wing orientation.
By the way, we anxiously await the next country President Akufo-Addo will be visiting, so we can know our development model, at least, for the month of October.
Sincerely, the only clear sense of direction we can point to is the fact that Ghana Beyond Aid starts after 100 years when we are done redeeming our obligations under President Akufo-Addo’s $50 billion Chinese Century Bond.
As for the arrogance about Ghana’s destiny practically tied to the NPP, we shall try to resist the strong urge to scoff at that.
It is trite knowledge that the NPP is the only political party that has governed Ghana and yet failed to establish a single public university, not a polytechnic, not one regional hospital, no regional airport, no regional market, not even one new secondary school.
While, unlike Gabby, I will be charitable and ready to concede that every party, at least, tries to bring some progress to our country, albeit, with varying degrees of success, it is certainly the height of all arrogance and, indeed, most offensive, to think that the destiny of this nation is tied to any one party.
In any case, this is a most dangerous mindset to have in a multi-party democracy. This statement should not be coming from those who criticize Dr. Kwame Nkrumah on a daily basis for the not too accurate claim that Nkrumah made Ghana a one party state.
Ghana will only succeed when its leaders recognise that regardless of party affiliation, every Ghanaian's contribution, including those in the opposition, are invaluable.
Ghana's progress will be unstoppable the day a ruling party manages to galvanise and inspire the entire nation beyond its immediate family and friends to pursue much nobler objectives.
Gabby further claims, “Ghanaians hold NPP to higher standards.” Really?
How high is that standard when merely opening completed hospitals you inherited from President Mahama has to take a coordinated sustained national struggle for months?
The NDC does the heavy lifting of building hospitals, and even that, we must beg the NPP just to open them, and you call that a higher standard?