“Indeed, the GH¢14 billion debt accumulated by the NDC government in the first three months of this year is much more than the total debt of GH¢9.5 billion at the end of 2008, when the NDC took office,” he noted. Dr. Bawumia made the observations when he was speaking to students of the University of Mines and Technology (UMaT), Tarkwa, at the Roman Catholic Parish Hall on Monday, after authorities of the university had reportedly stopped him from addressing the students on the campus.
The authorities, after the embarrassing decision, have been running around with lame excuses to justify it. The students were adequately briefed about their hopeless future under President Mahama’s administration, which he said had saddled the country with a debt of GH¢111 billion in less than eight years. The university is expected to roll out a red carpet for President Mahama, who is expected to visit the university.
Speaking on the reckless management of the economy, Dr. Bawumia, a renowned economist, explained that the National Democratic Congress (NDC) government had added over GH¢100 billion to the national debt within just seven years and three months. “In the last seven years alone under this NDC government, Ghana’s total debt has ballooned from GH¢9.5 billion to GH¢97 billion by the end of 2015 and GH¢111 billion by the end of March 2016! What is clear is that over 90% (i.e. GH¢101.5 billion) of Ghana’s total debt since independence has been accumulated under this NDC government between 2009 and 2015…..,” he disclosed.
The NPP bigwig pointed out the toll the reckless borrowing in the last seven years had taken on the economy. “The real effect of the reckless borrowing undertaken in the last seven years is seen in the magnitude of interest payments Ghana has been burdened with, which has meant that vital resources which should have gone into vital sectors, infrastructural development and social services, are now being pumped into settling our debt obligations.
“In 2015, interest payment amounted to more than GH¢9.6 billion. That figure was more than the total debt stock of GH¢9.5 billion in 2008 at the end of President Kufuor’s term for which debt stock both President Mills and John Mahama lampooned the NPP government,” he recounted.
Dr. Bawumia stated that the youth of the country had two clear alternatives before them; and was convinced that between a future of joblessness and hopelessness and one of jobs and economic transformation, the youth would make the right choice.
“This election is about the future of this nation and about your future. We have before us the two clear alternatives – one where the future is just like the present or even worse; and the other, a bright future. We have the choice between a nation with continuous unprecedented joblessness and a nation and economy which keep producing well-paying jobs for the youth.
We have a choice between a nation which is unable to meet its statutory demands and one with a blossoming economy which is able to meet its demands; we have a choice between a nation where our resources are invested rightly to our collective benefit and one where our resources are pilfered into the bank accounts and pockets of a few; we have a choice between a nation which is globally competitive, people friendly and business friendly and one which is unable to compete with even its peers and continues to fall down the order.
“These are the clear alternatives and it is time to arise for change. Change for our future, change for our jobs, change for our education and change for a globally competitive economy,” he charged. Dr. Bawumia was accompanied to the forum by the National Youth Organizer of the NPP, Sammi Awuku.
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