NDC done with common sense, no magic – Adongo in Akufo-Addo

General News on Thursday, March 21, 2019

Source: www.ghanaweb.com

2019-03-21

Isaac Adongo, a member of Bolgatanga Central's parliament, said the Democratic National Congress, while in power, ruled the country with common sense and no magic.

According to him, the current government is not able to properly manage the economy, resulting in a serious crisis in the country.

His comments come at a time when the country is facing the depreciation of the cedi, the collapse of banks and the challenges that affect Free SHS policy.

According to him, the NDC has managed the economy with exceptional policies and interventions, unlike the current administration.

Explaining his reasons, the Bolga MP said the Akufo-Addo-led administration was planning to spend about $ 40 billion on failed banks instead of allowing these banks to operate in order to create a space for the banks. investments.

Speaking at the press conference of minorities in Accra, he said: "In an attempt to deal with the banking sector, the total projection is that in 2018, 2019, the state would have spent 18 billion just to collapse the banks ".

"Can you imagine a company like us spending 18 billion euros to destroy our own financial sector? And you and I will pay on average 1.8 billion interest per year over the next 10 years, for that 18 billion … In all we You will spend almost $ 40 billion cleaning up these banks, "he said.

Mr. Adongo said the said amount could be invested in the financial sector to improve the economy and make it prosper.

Referring to the opposition party, the National Democratic Party (NDC), Adongo said the loans were being turned into feasible elements such as infrastructure development, which in turn benefited Ghanaians.

"The NDC did not play by magic, we played by pure common sense and this common sense was that we had to manage these elements in order to create the space that would allow us to invest in it." The future and in infrastructure, "he said. I said.

"It reduces the space we need to make critical investments and move the economy forward."

Parliament's finance committee member added that the Akufo-Addo government was spending money on consumer goods rather than infrastructure.

"So, today, they borrow, but you can not see the infrastructure because the loan is used for consumption."