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Kwaku Kwarteng, a former Deputy Minister of Finance and Member of Parliament(MP) for Obuasi West Constituency in the Ashanti Region, has compared the way Ghana’s economy is run to a Ponzi scheme.
According to him, the current economic challenges at both national and household levels stem from decades of poor governance, marked by political mismanagement and economic inefficiency across various administrations.
Mr Kwarteng made these comments in a statement issued on Thursday, July 25, captioned “To break the eight, we must first break the norm”, in what looks like a direct piece of advice to his party the governing New Patriotic Party (NPP), and by extension all political parties.
It makes the argument that Ghana has survived since independence by overspending and borrowing money to pay for the excess expenditure.
As much as the CPP agrees with Hon. Kwaku Kwarteng that neither the NPP nor the NDC have the technical economic expertise to rescue Ghanaians from their financial habits of borrowing and debt servicing, they disagree.
In a statement issued by the National Communications Director of the CPP, Osei Kofi Acquah the Obuasi MP Hon Kwaku Kwarteng is frustrated due to the “Ponzi Scheme” economic mismanagement by the NPP and the NDC, under the 4th Republic, we want to tell him that Nkrumaism (Scientific Socialism) which once upon a time put Ghana on the road to Economic Independence.
Read the full statement below:
AKUFFO ADDO AND MAHAMA MAYBE RUNNING A PONZI SCHEME, BUT NKRUMAH AND THE CPP RAN A PLANNED ECONOMY, A RESPONSE TO KWAKU KWARTENG
The Convention Peoples Party have chance upon a write up by the member of Parliament for Obuasi West and former Deputy Minister of Finance Hon Kwaku Kwarteng which seeks to suggest that since Independence Ghana has survived by overspending our means and borrowing to finance the overspending.
In as much as we in the CPP agrees with Hon Kwaku Kwarteng that both the NPP and NDC lack the technical economic know how to save Ghanaians from the habitual borrowing and servicing debt economic Habit.
It has become obvious that Hon Kwaku Kwarteng is frustrated due to the “Ponzi Scheme” economic mismanagement by the NPP and the NDC, under the 4th Republic, we want to tell him that Nkrumaism (Scientific Socialism) which once upon a time put Ghana on the road to Economic Independence.
Hon Kwaku Kwarteng must know that Osagyefo Dr Kwame Nkrumah and the CPP did not build State owned factories like
Pomadze Tomato Factory,
Komenda Sugar Factory,
Asutsuare Sugar Factory,
Bolgatanga Meat Factory
Kumasi Jute Factory
Kumasi Shoe Factory
Kumasi Pencil Factory
Ghana Railways Corporation,
Ghana Airways,
Tema Dry Dock,
Tema Sanyo company
Tema Steel Works,
Tema Batteries
Tema Paints Factory,
Tema Cold Stores,
Tema Food Complex
Abosso Glass Factory,
Bonsa Tyres, Kade Match Factory
West Africa Mills Company
Tema Steel Company
Ghana Agro Food Company –formerly TFCC
GIHOC Bottling– (became
The Coca Cola Bottling Company of Ghana Ltd)
Gliksen W/A Company
Ghana Oil Palm Development Company
Tema oil Refinery
GNPC
Suhum Garment Factory
Ghana Fishing Corporation with 21 Trawlers.
In order to overspend beyond our means in order to go back to borrowing.
Again we want Hon Kwaku Kwarteng who obviously did not take his history courses he learned at school serious to know that the CPP and Osagyefo Dr Kwame Nkrumah did not set up the following state sponsored banks like
The Agriculture Development Bank (ADB)
National Investment Bank (NIB)
Ghana Commercial Bank (GCB) etc.
The confusion that has rock both the NPP and the NDC regimes under the 4th Republic in the management of the economy been caused by their delusion that the Private Sector is the Engine growth of the Economy.
We the CPP and the true Nkrumaist still maintain that the Government of Ghana has being lazing around for far too long under the excuse that the State has no business doing business.
The Convention Peoples Party has the solution to end the Ponzy Scheme Economic Policy which Hon Kwaku Kwarteng admits that both his party the NPP and the NDC have been running since 1993.
Forward Ever!
Signed Comrade
Osei Kofi Acquah
National Communications Director
Source: Ghanatodayonline.com
