The opposition New Patriotic Party(NPP) borrowed 750 million dollars from the International Financial Market in 2007, and despite this huge amount borrowed, it failed to allocate 1 dollar of this amount to pay for the gang of four road project, Transport Minister Fiifi Kwetey has said at the governing National Democratic Congress’ Setting the Records Straight forum.
Mr Kwettey accused the NPP of misplaced priority in the economy in respect of its foreign loans acquired at the regime of former President Kufuor.
He said the NPP’s priority in 2008 after they borrowed in 2007 was procuring pre-paid meters, buying locomotives when they had not even built a centimeter of Railway line and using part of that money when they were hot in November 2008, to pay salaries.
“This was at the time where NPP critically needed to get money for this gang of four roads. But that was their priorities,” he added.
Comparing the feats achieved by the NDC government to that of the opposition NPP with regards to foreign loans, Mr. Kwettey said:” because NPP was so wasteful with foreign loans the party somehow wrongly assumes NDC has the same problem. No!”
He stressed that the NDC rather have a great track record of using foreign debts to invest in meaningful projects to power growth in the economy.
The following are just a few example Mr. Kwettey cited in the Press conference he addressed Thursday.
1.The Gas processing Infrastructure is not a debt; It is a massive investment.
2.The Kwame Nkrumah Circle Interchange is not a debt; Its a massive investment
3.The Kpone Water Expansion project is not a debt; Its a massive investment
4.The Tamale Airport Expansion project is not a debt; Its a massive investment
5.The University of Ghana 617-bed Teaching hospital is not a debt; Its a massive investment
6.1.5 billion Dollar Tema Port Facility is not a debt; Its a massive investment.