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Heritage Fund useless- Kwesi Pratt
Mr Pratt said he was opposed to the creation of the fund to set aside nine percent of Ghana's oil revenue for future generations when the country needs money to develop, and it is borrowing in the international market at outrageous interest rate.
Mr Pratt said he was opposed to the creation of the fund to set aside nine percent of Ghana's oil revenue for future generations when the country needs money to develop, and it is borrowing in the international market at an outrageous interest rate.
READ MORE: AFAG advises Nana Addo to set up SHS Fund
Speaking on Radio Gold's Alhaji and Alhaji political talk show Saturday, the veteran journalist said he welcome the idea to fund the free Senior High School programme with the Heritage Fund.
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He said: "I heard the Senior Minister suggest that the Heritage Fund should be used to finance free SHS. And I must say that I have no difficulty whatsoever with that. Indeed that ought to be the done.
"I am one of the people who was opposed to the establishment of that so-called heritage find because it doesn't make sense.
"We are saying we should take a chunk of the revenue we are earning from oil and put it aside for future generation.
"The first problem you come with that the value of the money is not constant. Anybody with an elementary sense of economics knows that the value of money is not constant. Everywhere in the world, money has continuously devalued so that if you put one million cedis down today, in the next 50 years, the real value of that one million cedis can become 500,000 or far less.
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"So simple economics should teach us that keeping money in a box or in a fund for future generation to come and use it is the most useless, unproductive enterprise."
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