Ghana ruling party blamed for currency plunge

ACCRA: THE depreciation of the Ghanaian Cedi has been blamed on the ruling National Democratic Congress (NDC) for the alleged failure to account for a whopping $27 billion (GH¢60.5 billion) since the administration retained power five years ago.

The Minority Leader, Osei Kyei-Mensah-Bonsu, said the NDC-led government only accounted for $3,5 billion.

He said apart from failing to account for the $23, 5 billion the government borrowed both locally and internationally, he lambasted that the government was worsening the country’s balance sheet by unnecessarily borrowing, a development he said weakened the Cedi.

“The country is over-borrowing and astronomically increasing debt stock which has crossed the 60% threshold of GDP. If the current rate of borrowing continued the country would be plunged into the League of Nations with high risk of debt distress which would disable the country from attracting financing from the international capital market,” Kyei-Mensah-Bonsu said.

He said this during a national assembly general debate on the 2015 budget insisting that NDC-led government should address the $23.5 billion missing in the state coffers.

“Mr Speaker, we the Minority and for that matter Ghanaians, want to know what the remaining $23 billion of loans had been used for,” Kyei-Mensah-Bonsu said.

He also said under the previous regime the local Cedi currency depreciated by 53 percent while under the NDC the local currency depreciated by 195,5 percent within six years.

Comment could not be obtained from authorities.

SOURCE: CAJ NEWS AGENCY