Sunday, July 19, 2009
Nduom Cautions Govt On $300m Facility
Dr. Nduom
The presidential candidate of the Convention
Peoples Party (CPP) in the 2008 elections, Dr. Paa Kwesi Nduom, has cautioned the Mills’ administration to be careful with the $300 million economic governance and poverty reduction credit facility currently under consideration by Parliament.
This is because the facility has nothing new to offer Ghanaians.
He explained that the facility was the foundation of the six-year Poverty Reduction Support Credit implemented between 2003 and 2008 which did not give Ghana the required growth and fiscal stability.
Speaking to the Times in Accra Dr. Nduom said the conditions for disbursements of funds under the facility were the same or similar to the earlier facilities granted previous administrations which did not yield the required results.
He said the economic difficulty in the country presented an opportunity for the Mills’ administration to think of institutional changes and fiscal discipline to overcome the problem.
Dr. Nduom advised that the Mills administration should commit itself to real change that would involve structural reforms, particularly in the public sector through the use of technology.
Also there must be a wage and salary reform that would eliminate “non-cash” benefits.
He said the administration must further accelerate the implementation of reforms that support the private sector including the pension law to bring long-term capital into the system streamlining.
Processes in the Ministry of Finance must also be streamlined, he said adding that Ghanaian producers, particularly those in the agricultural sector must be given an advantage by government using tariffs and preferential procurement practices.
Dr. Nduom said the public, must be given the opportunity to know which specific projects are to be funded with the money so that through “transparency, a lot can be accomplished”.
“The Mills’ administration must not let Ghanaians think of this facility as a gift or that by getting it, we have already accomplished our objective.
“It must be presented by government officials as an opportunity to reach specific national goals through discipline and hard work”, he said.
Dr. Nduom admitted that the Ghanaian economy was in shatters which needs honest and open discussion to fix.
He said the World Bank and the International Monetary Fund were not gift givers and what they lend carry with them serious obligations and conditions which if not taken seriously can worsen the country’s economy.
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