Member of Parliament for Bolgatanga Central, Isaac Adongo has posited that the National Democratic Congress while in government governed the country well with common sense and not magic.
According to him, the current government is not able to handle the economy well thereby taking the country into serious crisis.
His comments come at a time the country is faced with the depreciation of the cedi, collapse of banks and challenges affecting the Free SHS policy.
According to him, the NDC managed the economy well with great policies and interventions unlike, the current administration.
Explaining his reasons, the Bolga MP said the Akufo-Addo-led administration is planning on spending about 40 billion on collapsing banks instead of allowing these banks to operate to create space for investments.
Speaking at the Minority Press Conference held in Accra, he said, “In an attempt to deal with the banking sector, in fact, the total projection is that by 2018, 2019 the state would have spent 18 billion just to collapse banks”.
“Can you imagine a company like us spending 18 billion to destroy our own financial sector? And you and I will be paying an average of 1.8 billion in interest cost annually for the next 10 years for that 18 billion…so in all, we’ll be spending close to 40 billion to clear these banks,” he said.
Mr Adongo stated that, the said amount can be invested in the financial sector to enhance the economy and also make it thrive.
Making reference to the opposition party, the National Democratic Party (NDC), Mr Adongo stated that borrowed monies were churned into feasible things like infrastructural development, which in turn, benefitted Ghanaians.
“The NDC did not perform by magic, we performed by just common sense and that common sense was that, we needed to manage these items in order to create the space that will allow us to invest into the future and invest in infrastructure”, he said.
“That is squeezing up the space that we need to be able to do critical investments and move the economy forward.”
The Member of Parliament’s Finance Committee, added that, the Akufo-Addo government is channelling borrowed monies into consumables instead of infrastructure.
“So today, they are borrowing, but you cannot see the infrastructure because, the borrowing is going into consumption.