Eric Opoku, the Member of Parliament for Asunafo South Constituency in the Ahafo Region, has criticsed New Patriotic Party (NPP) administration, accusing them of neglecting the interests of the next generation in its economic policies.
The MP contends that the NPP's approach to governance is characterized by reckless borrowing that will burden future generations, in stark contrast to the erstwhile National Democratic Congress (NDC) government's efforts to create financial structures for long-term benefit of the up coming generation.
Speaking in an interview on TV XYZ on August 14, 2023, he asserted that the NPP administration's borrowing doesn't consider the ramifications on the unborn children of the country.
"The goal was to save the money for the next generation so that if we died, they could use the oil money to run the country. As a result, any government that engages in such activities is a visionary leader.
"But, as we speak, the current administration is leaving a debt trail...so, instead of providing finances for the future generation to profit from, they are borrowing for them to come and pay,” he said.
Comparing the NDC's and NPP's approaches, the Asunafo lawmaker emphasized that during the NDC's tenure, strategic measures were implemented to manage the country's loans and create funds with long-term benefits.
He pointed out to the establishment of the "sinking fund," a dedicated pool of funds intended to service debt obligations.
He went on to explain that the NPP administration, however, has allegedly exhausted these funds and has continued to accumulate debt, placing an undue burden on the next generation.
"In 2016, after the election, when we were handing over to the NPP, we had a Sinking Fund, which was a mobilization fund used to pay our debts, so we created that fund to save money and use it to pay our loans. We had roughly $500 million in it at the moment of handover, and we handed it over.
"When they came to power, the first Eurobond that President Kufour took was due, so we had to pay 500 million dollars, which was in the Sinking Fund...Since independence, the only government that has created funds for future generations has been the NDC government. Quote me anywhere that no government has ever done something like this before. During the John Mahama and Mills eras.
“We passed legislation requiring the mobilization of funds from our oil reserves in order to conserve 9% for the Ghana Heritage Fund, and any administration seeking access to that money must first get parliamentary approval. So far, the NPP has been unable to touch that fund because it requires parliamentary approval.”
AM/SARA
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