The government needs NDC's contributions on the cedi probe because we want to learn from their incompetence – Gabby

General News of Sunday, March 31, 2019

Source: mynewsgh.com

2019-03-31

Gabby Asare Otchere Darko, cousin of President Akufo-Addo, whose fingerprints are on most contracts and transactions of his cousin's government, said the only reason the government was calling for a bipartisan investigation into the cedi's depreciation was because they wanted to learn from the experience. The incompetence of NDC; MyNewsGh.com reports.

According to him, "If you look at history, from the PNDC days to now, the NDC has a higher record for the rapid rate of depreciation of the cedi against all major currencies. Nuclear power plants should be able to rely on the rich experience of the NDC of opposition ".

In a long explanation captured by MyNewsGh.com, he explains further:

"The NPP government had every interest in demanding a bipartisan understanding of the culture of cedi depreciation. Indeed, if you look at the story, since the PNDC days to date, the NDC posts a higher record with respect to the rapid rate of depreciation of the cedi compared to all major currencies. Nuclear power plants should be able to count on the rich experience of the opposition NDC.

We are out of the IMF now. The trip was not easy. The Ghanaians, without their fault, had to sacrifice and endure austerity for a good four years, all because the government at the time (under President John Mahama) was running the economy of mediocre and inconsiderate way.

Before forgetting, that 's how it all began. Ghana had just started producing oil in 2011. The whole world praised us as AFRICA RISING display nation.

However, in July 2012, President Mahama (now seeking re-election in 2020) was sworn in. By the end of this year, the oil-rich economy he had inherited was in serious crisis. During this short period, 4 billion GHS unscheduled cash was spent (most of it was wasted) and much of it on contracts not yet delivered – yes laptops, guinea fowl, etc. . He was determined to stay in power at almost all cost.

The economy has never recovered from what remains the biggest budget deficit since 1990 (PNDC era). But, Mahama, still calm, kept telling us that her "house" policies worked. This, he did not need the IMF to help him and show him how to manage the economy of his country.

But the cedi had other projects. he ran to become the worst currency in the world; the dumsor bit, the lights went out every 12 hours for 12 and sometimes 24 hours; prices for goods and services soared. Companies were closing. Statutory payments have not been made. The arrears of the entrepreneurs accumulated. We had borrowed more than we could afford to pay and largely for inflated contract amounts – that is, too much money chasing fewer projects. But the appetite to tax, borrow, and spend was always there, because the creativity needed to get us out of the mess was lacking. Companies were underperforming and were not growing, as the cost of borrowing and producer prices continued to rise.

In February 2014, the IMF asked the NDC government to be bold and come for a bailout. But Mahama could not handle the ignominy. Should he be the president who will bring back the newly oil-rich Ghana to the IMF? Surely not! You might want a little sympathy with him because he had absolutely no excuses. Prior to his rise, John Mahama as vice president also headed the economic management team for 4 years before Mills' death.

The reality was that he had lost total control of the economy. The government could not even venture into the capital market because investors were not interested in our sovereign bonds. Govt has tried it about three times with traveling shows and almost all of them. No takers.

Mahama finally met with his economic advisers at Peduase Lodge on August 1, 2014, where, under the guise of Aburi 's darkness, they threw their hands in the air and persuaded the president of Swallow what was left of his pride and run as fast as he did. could at the IMF. The following day, August 2, 2014, Ghana requested an IMF bailout. This simple announcement was enough to calm the market a bit: those who had failed to manage the economy had finally agreed to hand over this sovereignty to Breton Wood. It's the story.