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Management Nana Addo busy fixing Mahama's mess – Gabby

Gabby said his uncle, Nana Addo is busy fixing the mess and rot bequeathed to him  by former President John Mahama.

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President Nana Addo Dankwa Akufo-Addo with Mahama play

President Nana Addo Dankwa Akufo-Addo with Mahama

Gabby Asare Otchere-Darko, a former Executive Director and Founder of Danquah Institute has expressed satisfaction with the way President Nana Addo Dankwa Akufo-Addo is managing the country.

He said his uncle, Nana Addo is busy fixing the mess and rot bequeathed to him  by former President John Mahama.

He said the government is creating jobs for the unemployed and putting the economy back on track.

READ MORE: Nana Addo never promised to run a lean government - Gabby

His comment comes after government successfully sold $2 billion worth of dual-tranche Eurobonds with 10- and 30-year maturities.

In a Facebook post, he said: "The Akufo-Addo government is doing two things at the same time: fixing the mess left behind by the I-Shall-Return-Mahama government, and, at the same time, growing the economy to create jobs and prosperity.

Gabby Asare Otchere-Darko play

Gabby Asare Otchere-Darko

 

"Take yesterday for instance, Ken Ofori-Atta and his team raised $2bn on a cheaper coupon with longer maturity on the bond market after an amazingly successful roadshow. Much of it is to pay NDC debts, mainly the $750m they borrowed less than 3 months before the 2016 elections. The liability management for the tender is about $700m notional amount. Which means that plus the premium, we will pay about $819m to retire the 2022 bonds and still be left with another $750m new money for the budget.

READ ALSO: Gabby defends president's tirade against political opponents

"This makes a total of $1.569 billion, leaving an extra $431m, which Ghanaians should expect Government to take and put in the sinking fund and buy-back bonds if and when the prices are attractive. Let me stress, this is the lowest coupon ever for a ten-year bond. Again, this is the first time we have issued a 30-yr bond and at rates lower than what the NDC issued, a five-year bond in 2016 (9.25%)!"

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