Economy mismanagement Oil-rich country seeking IMF bailout is historic mismanagement – Akufo-Addo

Nana Akufo-Addo says government's decision to seek an IMF loan bailout indicates mismanagement of the economy.

  • Published:
Nana Akufo-Addo, NPP Flagbearer play

Nana Akufo-Addo, NPP Flagbearer

24/7 Live - Subscribe to the Pulse Newsletter!

2016 Presidential Candidate of the New Patriotic Party, Nana Addo Dankwa Akufo-Addo says the decision by the Mahama-led National Democratic Congress government to go for a bailout from the IMF “is as a result of the deficit of ideas in solving problems like dumsor, coupled with the mismanagement of the economy and a lack of fiscal discipline.”

Delivering a brief address to a packed hall of students of the University of Cape Coast, at a meeting of the Tertiary Students Confederacy (TESCON), on Saturday, April 18, 2015, Nana Addo stated that the whole world is at a loss as to how “for the first time in history, an oil-rich country, some five years into oil production, is seeking a bailout from the IMF.”

According to the NPP flagbearer, this NDC government has received more money in loans, tax revenues and export receipts than any other government in our history, but has surprisingly ended up with Ghana going cup-in-hand to the IMF for assistance.

“This sad spectacle is an indictment on the kind of leadership we have at the helm of affairs in our country,” he emphasized.

He recounted how the NPP, under the leadership of President Kufuor, showed in 8 years that fiscal discipline was possible, and this resulted in the NPP government committing the nation’s resources into areas that improved the lives of Ghanaians.

“We need to bring back confidence in the economy so that businesses and families can plan their budgets properly. What an Akufo-Addo government will do again is to bring back that confidence,” he said to rousing applause from the audience.

An Akufo-Addo government in 2017, God-willing and the people of Ghana consenting, he said, will ensure fiscal discipline on how taxpayers’ monies are spent and ensure macroeconomic stability.

“Investors, domestic and foreign, will only be interested in Ghana when they can be assured of the bankability of investing in our economy,” he said.

He continued, “We will move away from high budget deficits and reckless borrowing because we know of the benefits of fiscal responsibility – low inflation, reduced interest rates, exchange rate stability, avoiding HIPC and making savings for social and capital expenditure.”

Source: Myjoyonline

Recommended Articles

Recommended Videos





Top Articles

1 Watch Fufu is killing Africans - Pastor Mensa Otabilbullet
2 Tragic Investigation launched into suicide committed by KNUST studentbullet
3 Tragic KNUST student commits suicide over exam resultsbullet
4 Revealed! Leader of assault on police officer at Flagstaff House...bullet
5 Congratulations Ghanaian awarded CBE by the Queen of Englandbullet
6 Xenophobic Attacks Say no to Xenophobia - TB Joshuabullet
7 Assault OccupyGhana demands justice for lady stripped naked...bullet
8 Independence Celebration Ghana @ 60 cloth out; sells at GH¢240bullet
9 Sexual Rights Foh-Amoaning calls Human rights activist...bullet
10 NPP Government Ghana Post gets new MDbullet

Top Videos

1 Health Alert Fufu is killing Africans - Mensah Otabilbullet
2 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
3 Night Life Some taxi drivers and their night driving experiencesbullet
4 Video Police officer attacked at Flagstaff Housebullet
5 Meet "The Beast" President Obama's Cadillac that's more tank...bullet
6 Marine Drive Project Time's up, but residents refuse to relocatebullet
7 Obinim What happen'd when we fact checked Obinim's Bible...bullet
8 Video Taxi driver terrified after an encounter with a ghostbullet
9 Refugee Ghanaian to lose fingers after 7-hour trek to...bullet
10 Ashiaman This is what being a market queen is aboutbullet

News