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A former Member of Parliament for
Akim Oda and Finance Minister Yaw Osafo-Maafo has hinted that during the
Kuffuor led administration, Ghana benefitted tremendously from HIPC due
to a whopping sum of money bestowed by financiers.
“Our
financiers gave us (Ghanaians) six million dollars for free. The greater
portion of the money we owe was given to us for free. As at now, every
year we continue to receive this money from our financiers. Each year we
receive an amount of one eighty and two hundred and twenty million
dollars. If you go to the ministry of finance they received this money
every year and we are still spending it.”
“That is the benefit of the HIPC which Kuffuor led us to and we will continue to receive that for twenty (20) years,” he said.
According
to Yaw Osafo Maafo, government must be cautious on how monies are
disbursed because the country cannot be a HIPC nation again since the
nation is now classified as a middle income country.
He
intimated that Ghana, just like Spain, needs to sacrifice a lot to
exonerate itself from becoming a Heavily Indebted Poor Country.
“They
(NDC) must be careful if they are spending the money. If I hear someone
saying Ghana will go back to HIPC, it baffles me because Ghana can no
longer be a HIPC nation. Ghana is a middle income country; we are at the
lower level now. HIPC is only meant for countries in certain
categories. Did you see what happened to Spain, they are a developed
country and can’t join the HIPC countries. No nation will ever bestow
all your debts for you freely and less than three years you want to join
the HIPC,” he warned.
He further explained; “Even the Paris
club will not allow us (Ghanaians) to join HIPC again. We have to apply
for the HPIC and they will not allow us again. Since we can no longer
join, Ghana will be a heavily indebted country meaning a developed
country that will lack funds. We must prevent that, prevention is better
than cure. We must come together and analyze the economy”.
Speaking
on an Accra-based Asempa FM, Yaw Osafo Maafo blamed the economic crisis
on what he called fiscal indiscipline on the part of government.
The
former Finance Minister under whose tenure Ghana went HIPC said the
only way the Mahama-led administration can recover is to increase taxes.
He however called on Seth Terkper to consult him or other experienced economists to salvage the country’s economy. |
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