Govt’s worst transgression is spending ¢21bn to collapse banks instead of ¢9bn to support them – Sinare

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The National Vice Chairman of the opposition National Democratic Congress (NDC) H.E Alhaji Said Sinare, has chastised the Akufo-Addo/Bawumia-led New Patriotic Party (NPP) administration for the woes of the economy.

According to him, the economy is in a state of emergency that should be blamed on the current administration and not on the previous John Mahama led NDC government, COVID-19, or the recent Russia-Ukraine war.

He was reacting to the public address delivered by the Vice President, Dr Mahamudu Bawumia last Thursday April 7. Dr Bawumia said among other things that Ghana is directly affected by the ongoing geopolitical tension between Russia and Ukraine.

“The increase in commodity prices has been exacerbated by the Russia-Ukraine conflict. Russia and Ukraine together account for 30 per cent of the global wheat export. The longer the conflict the greater will be the disruptions to global food supply. The country is also likely to slow global growth.

“According to the AfDB the price of wheat has shot up by 62 per cent since the war begun. The price of fertilizer is up by 300 per cent, the price of maize is up by 36 per cent since the war begin . Here in Ghana 60 per cent of our total imports of iron ore and steel are from Ukraine.

“Russia accounts for some 30 per cent of Ghana’s imported grains, 50 per cent of flour and 39 per cent of fertilizer . So we are directly affected by the Russia-Ukraine ware. Unfortunately, we do not know when it will be over. The global increase in fuel prices is causing hardship.”

Following Dr. Bawumia’s speech, Alhaji Sinare who is also the NDC’s Zongo President said on Facebook that one of the issues contributing to the country’s economic slump is the use of GH21 billion to kill banks rather than GH9 billion to revive them.

He stated that the situation is also the result of corruption that, in his view, has become the best description of the entire government, adding that according to a report provided by the Auditor General, Ghana lost about GHS12.8 billion in 2020 due to statutory institution infractions and other irregularities.

He also dismissed assertions that external factors were to blame for the country’s economic mess.

“The government’s worst transgression is spending 21 billion to bury banks instead of 9 billion to restore them. According to a report provided by the Auditor General, Ghana lost about GHS12.8 billion in 2020 due to statutory institution infractions and other irregularities.

“Everything about Dr. Bawumia’s speech was a lie, apart from his salutations: Good evening Ghana.

“Corruption has devoured GHC52.5 billion, and the entire administration has become the epitome of corruption. Nonetheless, you have the audacity to put together a program by squandering another poor taxpayer’s money and blaming the current economic situation on H.E. John Dramani Mahama, COVID-19, and the recent Russia-Ukraine conflict. What is wrong with our friends?” he said in a statement.

By Laud Nartey|3news.com|Ghana

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