"Our economy is in crisis," Nana Addo draws conclusion

Addressing what he termed as the 'Real State of the Nation' today at the Physician and Surgeon College in Accra in the Greater Accra region, Nana Addo said "I believe the only conclusion to draw is that ours is a nation in crisis. Ghana is a nation in crisis."

Touching on a wide range of issues at the heart of the economy, Nana Addo attributed the "crisis" to reckless borrowing by an "incompetent government has led to unsustainable debt rate which has officially closed the space for capital investments."

He further attributed the "crisis" to "amateurish and panic measure of financial policies" which he said has "destroyed the confidence in the economy."

Nana Addo also accused the Mahama administration of systematically "plundering the public purse," thereby turning "our country into devastated economic landscape."

On borrowing, Nana Addo said the Government has borrowed some US$37 Billion in 7 years. Four folds of what President Kwame Nkrumah and John Kuffour borrowed combined.

On interest, he said interest payments amounted to more than GHc9.6 billion, more than the total debt stock of GHc9.5 billion at the end of 2008.

On the power crisis, he said four years of DUMSOR (power crisis) have cumulatively led to financial losses of more than $3 Billion, and thousands of lost jobs.

According to him, DUMSOR have cumulatively led to financial losses of more than $3 Billion, and thousands of lost jobs.

He said "Coca-Cola, Mantrac, Cadbury, Novotel, Golden Tulip and several others have been forced by the cost of DUMSOR to lay off workers.

Nana Addo skewered president Mahama for taking credit for the relative power supply to homes and factories, saying "How can you expect credit for resolving a problem you caused? And at a high cost?"

There was laud sustained applause, which took time to die out after that criticism.

In a room filled with party activists, former government officials and the former president John Kuffour, Nana Addo also said it was "time to build a new, globally competitive economy with the NPP under my leadership" to a rapturous applause."

On his policy alternative, Nana Addo said his government will introduce and improve upon existing skills training to drive a new industrialised economy.

He said an effective legal framework to anchor fiscal discipline will be intriduced. In addition, he said "We will pass a Fiscal Responsibility Act to enforce this."

On transparency, he said he will enhance transparency by passing into law the long overdue Right to Information Bill.

On corruption, he said will create an "Independent Special Prosecutor with legal mandate to deal with corruption in a non-partisan manner."

On the economy, Nana Addo said he will formalise the "Ghanaian economy through the long-delayed National ID system, Financial Inclusion, and complete addressing system."

Also, he said he will introduce an enhanced employment Tax Credit Scheme to provide incentives for companies employing fresh graduates.

"Our economy is in crisis," Nana Addo draws conclusion

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