9:00, 12.Sep 2016
Every line in Dr Mahamudu Bawumia’s recent lecture on the economy contained a lie, Vice President Kwesi Amissah-Arthur has said.
The vice-presidential nominee of the opposition New Patriotic Party (NPP) said at his lecture on the theme: ‘State of Ghana’s Economy – Foundation of Concrete or Straw?’ chaired by former President John Kufuor that the governing National Democratic Congress (NDC) has since 2009 amassed and spent 12 times the nominal resources that the NPP had over its eight years of leadership.
The former Deputy Governor of the Bank of Ghana said from 2001-2009, the total tax revenue collected under the Kufuor administration was GHS15.2 billion, but between 2009 and 2015, the Mills-Mahama administration has collected GHS90 billion in taxes.
According to him, it was estimated that by the end of 2016, the government would have collected a total of GHS118.2billion.
“Under the eight years of the NPP government, from 2001-2009, taxes and loans amounted to GHS20 billion and without oil, economic growth increased from 3.7 per cent to 9.1 per cent.
“But in contrast, GDP per capita has declined by 12 per cent under John Mahama’s tenure as president when oil revenue and loans alone over the eight-year period of 2009-2016 would amount to GHS248billion,” he said at the lecture.
However, speaking at the manifesto launch of the governing National Democratic Congress (NDC) in Sunyani in the Brong Ahafo Region on Saturday 17 September, Mr Amissah-Arthur said: “Dr B, Opana’s younger brother … doesn’t know that GHS25,000 today cannot buy that house he bought for GHS25,000 fifteen years ago, so he comes back and tells us that today’s cedi is equal to the cedi last ten years, eight years ago and so he will compare them in nominal terms.”
“All of us who have studied economics, we know that nominal and real are different things: that one cedi today will buy less than one cedi bought ten years ago. So you can’t say one cedi then is equivalent to one cedi today. So through this spurious analysis, he comes back to say in the eight years of Kufuor’s rule, there was a 459% increase in Ghana’s GDP. How?” Mr Amissah-Arthur asked.
“If even the economy improves by eight percent a year, you’ll only double that GDP in nine years. How is it possible that the economy that the economy that is not growing at eight percent, at three percent, four percent and so on, in eight years Some Dr is saying grew by almost 500%. It is not possible; he is using figures to deceive us. But when I said I was going to respond, one of my former colleagues in [University of Ghana] Legon called me and said the man is doing politics, he is not doing economics so don’t answer him with economics, go on the political rally and tell him, so I’ve decided that everywhere we go, I’ll take one of his lies and explain to you why they are lies.” Mr Amissah-Arthur told party supporters at the Sunyani Coronation Park.
“So don’t believe what you read. … I only got my copy of the thing he read three days ago. When I read it, every line, there are lies there, I can destroy that lie,” Mr Amissah-Arthur said.