Cedi in free fall: 77% depreciation in 3 years

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Category: Business & Finance

Created on Wednesday, 04 April 2012 00:00

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04 April 2012

Cedi in free fall: 77% depreciation in 3 years

It is official! In just three years of President Mills’ administration, Ghana’s currency has experienced an unprecedented level of depreciation against the US dollar, as the cedi continues to show further signs of perpetual fall against the dollar.

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Fifi Kwettey’s lies exposed (1)

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Category: Politics

Created on Monday, 02 April 2012 00:00

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Fifi Kwettey’s lies exposed (1)

Fifi Kwettey, deputy Minister of Finance and Economic planning, has been on several platforms daring Ghanaians and, in particular members of the New Patriotic Party, to prove a single iota of falsehood disseminated by him during the 2008 batch of press conferences he dubbed “Setting the Records Straight.”

The New Statesman takes up this challenge and in this and subsequent editions will expose the series of lies propagated by the former propaganda secretary of the ruling National Democratic Congress in 2008.

{sidebar id=10 align=right}Today’s focus will be on the lies about the state of Ghana’s economy as put out by Fifi Kwettey in the 24th of October 2008 edition of the “Setting the records straight”, which also badly exposed his lack of knowledge of simple economic issues. Against this background, it therefore came as a surprise to many as to what informed President Mills’ decision to appoint him as a deputy Minister of Finance considering his lack of knowledge of the subject matter.

Fifi Kwettey, in the 24th October press conference titled “Why Atta Mills’ promises are credible & Why Akufo-Addo’s are not worth even the paper they are written on”, Fifi Kwettey stated on authority that the NPP’s claim of quadrupling the size of the Ghanaian economy from $3.9 billion in 2000 to $16 billion in 2008 was a big lie.

According to the deputy Finance Minister, the NPP was so anxious to mislead Ghanaians that they [NPP] had completely lost sight of the fact “that there is no way an economy purportedly growing at an average of about 6 percent can quadruple in eight years.”

Then came the bold declaration by Fifi Kwettey: “An economy of $4 billion in 2000 growing at the so called average rate of 6% per annum can in eight years be at most only $6.4 billion- We repeat $6.4 billion.”

“When the NPP says they have quadrupled the economy from 4 billion to 16 billion in eight years, what they are claiming is that the economy of Ghana has been growing at an average rate of nearly 20 percent every year”, Fifi Kwettey continued.

This is the level of understanding of economic growth rates Mr Fifi Kwettey has and is currently at the helm of the country’s finances.

However, as the NDC’s own 2010 budget statement would have it, the NPP had even understated the size of the Ghanaian economy as at 2008 as figures show that the size of Ghana’s economy in 2008 stood at $17.78 billion. After the economy was rebased, the size of the economy in 2008 stood at $24.85 billion (GH¢30.17 billion).

Any yet Fifi Kwettey has the audacity to dare anyone to prove a single falsehood in his 2008 publications.

Again, in the same press statement, Fifi Kwettey stated that the NPP’s claim of having inherited an inflation level of 40.5% as at December 2000 was false, adding that “Dr Bawumia, the NPP running mate can confirm this fact.”

“That is not the truth!” Fifi Kwettey exclaimed.

As though this was not enough, Fifi Kwettey’s lying spree has begun in his 2012 edition of setting the records straight.

For example, Mr Kwettey, last Thursday, stated that “The people of Akatsi through Tadjewu to Dzodze can still not believe their eyes that within three short years a major new road has been constructed and commissioned for them- opening that corridor to a whole new economic opportunity.”

He continues, “The three years of President Mills have seen three new boarding gates at the Kotoka International Airport, eight additional aircraft parking bays nearing completion, the construction of a Perishable Cargo Centre which is set to revolutionize the nation’s horticultural export business......”

The above mentioned projects are all part of the $547 million worth of projects undertaken by the Millennium Challenge Account secured by President Kufuor, and clearly spelt out in the MCA’s “List of projects” document.

Also Fifi Kwettey stated that the NPP never bothered to procure patrol vessels to protect our fisheries resources and boost enforcement of the fisheries regulation but President Mills in his three years has “quickly moved to procure four (4) patrol vessels.”

Again, Fifi Kwettey conveniently forgets that the agreement for the purchase of these speed boats was sent to parliament by the NPP administration, with funding of the project already secured, and was approved by parliament on the 14th of November 2008.

According to the manufacturers, it takes three years to manufacture these boats and thus arrived in the country in 2011, three years after order had been made.

Fiifi Arhin

Source: The Statesmanonline

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Bawumia not a problem for NPP but Nana Addo himself - Murtala Mohammed

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Category: Politics

Created on Monday, 02 April 2012 00:00

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Bawumia not a problem for NPP but Nana Addo himself - Murtala Mohammed

The Deputy Coordinator of Communications for the National Youth Employment Programme [NYEP], Ibrahim Murtala Mohammed has described Nana Addo Dankwa Akufo-Addo as a political hawk, saying the opposition leader’s character is a major problem for the image of his party.

He said the New Patriotic Party (NPP) flagbearer has no enviable track record and that his partnership with Dr Mahamadu Bawumia will not salvage the party from another defeat at the December polls. Dr Bawumia was nominated last Wednesday by the NPP flagbearer with the unanimous support of party executives. His candidature is believed to help boost the economy based on his economic acumen.

However, Mr Murtala Mohammed, who was speaking on Newsfile Saturday, stated that Bawumia’s value won’t increase Nana Addo’s chances in the elections because the flagbearer himself is not credible.

According to him, Nana’s only track record has to do with demonstrations he led in the past but noted that that was not valuable enough to qualify his as a prospective president. A lot more people, including Kweku Baako Jnr have caused change through similar demonstrations, Murtala said and added that he doubted if Nana Addo had been engaged in more street agitations that Mr Baako.

Again, he said Akufo-Addo did little to develop his constituency as a Member of Parliament and single-handedly stripped ex-president Rawlings off his privileges as a Minister of Justice as well as appending his signature to a court document that contained errors – Tsatsu vrs the President.

Murtala also accused Nana Addo of seizing every opportunity to attack the person of President John Evans Atta Mills.

The abovementioned situations, he said, were the clearest demonstration of Nana Addo being a political hawk and wondered if such a person could be trusted with the destiny of the nation.

Reacting to assertions by Mr Yaw Boabeng Asamoah, a member of the NPP, that Dr Bawumia was an astute economist who has the capacity to turn the fortunes of the country around; Murtala rubbished the claims and pointed out that Bawumia was part of the NPP’s team that he claimed messed up Ghana’s economy before leaving office in 2008.

He said the NPP’s desperation to project the former deputy governor of the Bank of Ghana as a shrewd economist would only make him a laughing stalk.

However Abdul Malik Kweku Baako, Editor-in-Chief of the New Crusading Guide newspaper, added though he [Baako] had been instrumental in various demonstrations but maintained he will be last person to seek to undervalue the efforts of Nana Addo in Ghana’s political struggles.

From: Dorcas Efe Mensah/Joy News

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Road to victory 2012 clear, says NPP guru

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Category: Politics

Created on Monday, 02 April 2012 00:00

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Road to victory 2012 clear, says NPP guru

{sidebar id=10 align=right}A former Ashanti regional chairman of the New Patriotic Party, Robert Owusu Amankwah says with the dust now settled on the choice of Dr Mahamudu Bawumia as Nana Akufo Addo’s running mate for the 2012 general elections, the road to victory for the party in December polls is now clear.”

He said what the party now needed is an effective and an all-inclusive campaign that would also ensure constant synergy between the grassroots and the main party campaign machinery.

“We must also make sure that no issue is belittled as the party braces itself to cause the much anticipated defeat of the ruling NDC, come December 7th” Robert Amankwah said in an exclusive interview with the New Statesman on Saturday.

The party guru stated that he was inspired by the overwhelming and massive unanimous endorsement of Dr Bawumia by the National Council of the party, an indication that the party was ready and prepared to work in harmony for the much anticipated victory of the party in the December elections.

He asserted that “all is now set for the winning team to strike with Nana Addo and Bawumia leading the pack”, adding “we are solidly behind them in their solemn quest to salvage the country from the clutches of the myopic, insensitive, and inept NDC administration.”

Chairman Amankwah was however happy for the consistency that Nana Addo had exhibited by retaining his 2008 running-mate, noting that Dr Mahamudu Bawumia still remains the perfect running-mate for the party “because he fits well into the party and Nana Addo’s vision for economic transformation of the country.”

According to the former party chairman, looking at the current economic situation of Ghana, the choice of the Dr Bawumia has indeed reignited absolute hope among Ghanaians that “there will be brighter days ahead under the presidency of Nana Addo Dankwa Akufo-Addo and Dr Mahamudu Bawumia”

In the view of the NPP man, it did not come to him as a surprise when Bawumia said “his nomination is meaningless unless it is linked to the total economic transformation of Ghana” because to him, “Bawumia knows everything about the economy of this country”

Mr Amankwah noted that “this is the man whose instrumentality and agility helped ex-President Kufour achieve sustained economic stability, leading to the stability of the nation’s currency and its subsequent redenomination in 2007”

In the view of Robert Amankwah the time has come for African countries and other developing nations including Ghana to strive for leaders with proven high economic credentials to help fast track the economic improvement of their countries.

He said with the right attitude, the vice president-in-waiting would help Nana Addo fulfill his promise of economic emancipation of Ghanaians who have been disappointed by the “corrupt-infested and mediocrity NDC government.”

The NPP big-wig said as things seem bleak as a result of the poor showing of the government in the past three and half years, Ghana needs peace and good leadership ‘and the pair of Nana-Bawumia represents the peace and hope that Ghana requires to transform her socio-political and economic landscape.

By Gabriel Amoah

Source: The Statesmanonline

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