“I think that quite a number of people are disappointed as to where this country is being taken,” he said while speaking to a section of the media in Ho in the Volta Region last Monday.

The former Vice president made the remark after he together with his wife, Mrs. Matilda Amissah-Arthur, made some donations to Children on admission at the Ho Regional and Municipal hospitals.

[contextly_sidebar id=”Bu2IUyyflfqGlDLoKVTELtqCeF6spGFJ”]Mr. Amissah-Arthur, who was Vice President and then running to John Dramani Mahama on the ticket of the National Democratic Congress [NDC], were defeated in the December 2016 general elections.

He has since then been quiet on the political events after he was on many occasions jabbed by then running mate, Dr. Mahamudu Bawumia with some 170 questions on the economy during Mahama’s presidency.

Ranking the NPP government’s one year in office, Amissah-Arthur said “The [NPP] government could have done better, that is what we are hoping for in the coming years.”

He said the NDC party is currently analyzing why it lost to the NPP government, while strategizing for a massive comeback.

He said they are “analyzing what we could have done better looking at the national situation and deciding how we can move this nation forward. So that is what we are spending our time doing. Critically looking at policies, programmes that will move this country from where it is. I think that quite a number of people are disappointed as to where this country is being taken, and we are looking for an alternative that will provide better results. So that is what we are spending our time doing,” he added.

Free SHS implementation ‘very poor’ – Amissah-Arthur

The former Vice President also took a swipe at the Akufo-Addo government over what he described as the haphazard nature in which the free Senior High School policy was implemented.

According to him, the policy was not well thought through, and was rushed by the NPP government for political expediency.

“The way it’s being done, it’s a little haphazard in my view, and it doesn’t help because every parents want to provide the best education for their wards. So they should be less haphazard in a way,” he said.

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By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post Ghanaians are disappointed in NPP gov’t – Amissah-Arthur appeared first on Citi 97.3 FM - Relevant Radio. Always.

The latest cut in the Bank of Ghana’s Monetary Policy Rate, announced on Monday, November 27, 2017 is the fifth since the immediate past Governor of the central bank, Dr Nasir Abdul Isshahaku, began the process of monetary easing after several years of exceedingly tight monetary policy aimed at squeezing inflation out of the economy. The latest reduction of 100 basis points has brought the benchmark interest rate down to 20%, its lowest level in half a decade.

The incumbent Governor, Dr Ernest Addison is now leading the loosening of monetary policy begun by his predecessor and it is coming at a critical time. While provisional real Gross Domestic Product estimates from the Ghana Statistical Service show that the economy grew by 6.6% and 9.0% for the first and second quarters of 2017 respectively and is expected to be a robust 7.9% for the full year, the data also shows that non-oil GDP growth was much slower at 3.9% in the first quarter and 4.0% in the second quarter. This means that Ghana’s renewed economic growth is primarily oil driven which means the benefits cannot yet be felt around the general populace since the oil sector is still an enclave one.

The conventional wisdom is that the easing of monetary policy is the BoG’s support for the new emphasis on supply side expansionary economic policy adopted by the President Nana Akufo-Addo administration introduced to replace the demand management driven policies of its predecessor, the Mahama administration, which have had the backing of the International Monetary Fund. Indeed, the BoG was heavily criticized by the organized private sector for the tightness of its monetary policy between early 2015 and the first three quarters of 2016 when the benchmark MPR was hiked to a record high of 26.0% in a bid to stem rising inflation and bring it down towards the medium term target of 8% plus or minus 2%. The central bank was accused of being too single minded in its inflation targeting focus which, critics argued, was stifling economic growth and consequently, economic activity and job creation.

Actually though, the BoG has had a handle on the situation all along. It is instructive that the central bank began easing monetary policy in November2016, almost three months before the change of government and four months before the change of Governor. The primary factor behind the commencement of monetary policy loosening was changing economic performance indicators rather than changes in economic management personnel and this in instructive in that it evidences the independence of the BoG and its policy formulation.

The first reduction in the MPR, by 50 basis points in November 2016 under the helmsmanship of Dr Ishahakku came in the wake of the BoG’s assessment that the severe upward pressures on inflation brought about by the sharp increases in both electricity and water tariffs at the end of 2015 had been fully transmitted enabling inflation to begin falling. Importantly, Producer Price Inflation had began falling sharply, an indicator that Consumer Price Inflation was about to follow in that direction. Besides this Ghana had begun registering a merchandise trade surplus – the first in more than a decade – thus narrowing the current account surplus and improving the overall balance of payments position which ultimately held the promise of sustained cedi stability.

The change of government and subsequent change of BoG Governor, accompanied with a shift towards supply side rather than demand management economic policy by government itself, has simply continued the central bank’s monetary easing process; over the last three Monetary Policy Committee meetings chaired by Dr Isshahaku, the MPR was lowered by a cumulative 250 basis point, while over the subsequent four since Dr Addison succeeded him, it has been cut by a further 250 basis points.

Throughout the process, the BoG has got its timing right. Inflation has continued on a downward trajectory despite the sharp rise in government’s unbudgeted fiscal deficit spending during the second half of 2016 and the steep depreciation of the cedi between December 2016 and March 2017. The MPR cuts have been transmitted into significantly falling interest rates for both government domestic debt securities and for bank deposits and loans. And the cedi has more or less been stable since late March this year.

All this is supporting economic expansion without putting Ghana’s return to macroeconomic stability at undue risk. Liquidity is on the rise; broad money supply (M2+) grew by 22.6% over the 12 months up to October 2017, relative to a 19.8% annual growth a year ago. Although growth in deposit money bank credit to the private sector has slowed, from an annual 12.1% to 9.4%, this is as a result of banks balance sheet restructuring in the face of non performing loans reaching a new high of 21% following the reclassification of loan quality assessment.

The devising and application of monetary policy over the past year illustrates the benefits of its independence from government itself, in that monetary easing began at the right time, in late 2016, after one and a half years of very tight policy had stemmed spiraling inflation, and has been continued into new administrations, both at Flagstaff House and at the BoG itself.

This reflects the central bank’s over-riding commitment to its philosophy of ensuring price stability to create an enabling environment to support sustainable growth.

Indeed, when Dr Isshahaku resigned earlier this year, the public praise he received from Finance Minister Ken Ofori-Atta was largely a recognition of the timing of the commencement of monetary easing. Top officials of the Akufo-Addo administration’s economic management team agree that if the BoG had started its monetary easing earlier, inflation would have been higher than it is today and this would have made the current resurgence of strong economic growth all the more difficult to achieve.

Asserts Dr Addison: “ The inflation targeting framework places heavy weight on the maintenance of low and stable inflation which is a key element of successful monetary policy. The rationale goes beyond the direct benefits of price stability for economic efficiency and growth. The maintenance of price stability and the development by the central bank of a strong reputation for and commitment to it, also serves to anchor  the private sector’s expectations of future inflation. Well-anchored inflation expectations, which means that the public continues to expect low and stable inflation even if inflation temporarily deviates from its expected level, not only makes price stability much easier to achieve but also increases the central bank’s ability to stabilize output and employment.”

It is instructive that the BoG’s latest confidence surveys conducted in October pointed to improved business and consumer confidence in the economy in the face of falling inflation even though non oil economic growth is still sluggish.

The BoG now has very good reason to be confident that the inflation targets for both end of 2017 and the medium term will be met or at least nearly met. Inflation is currently 11.6%, down from 15.8% as at October 2016. That this is happening even as growth targets are likely to be exceeded – albeit propelled primarily by the oil sector – is a vindication of the BoG monetary policy management over the past two years, even at a time that it was getting little help from the fiscal management of government itself.

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By: Toma Imihere & Elorm Desewu/citifmonline.com/Ghana

The post The loosening of Ghana’s monetary policy [Article] appeared first on Citi 97.3 FM - Relevant Radio. Always.

The humility, intellect, discipline and fierce reverence for the Lord as lived by Ghana’s Finance Minister; Ken Ofori-Atta is offensively revolutionary and subtly disarming for any opposing thought or party. He is the gentleman’s gentleman. Indeed, if Ken Ofori-Atta is a member of the mythical Akyem mafia, then he is a kind hearted and good spirited mafia.

Following the recent takeover of two indigenous banks, Finance Minister, Ken Ofori-Atta said the toughest decision he has had to take since becoming a public officer, was authorizing the takeover of Capital Bank and UT Bank.

“It was difficult [for me] because these are also indigenous firms with entrepreneurs who take risks,” Mr. Ofori Atta told Joy Business.

Mr. Ofori Atta said despite the challenge he faced giving the approval, he had to act in the interest of the state and save the investments of “about some 300,000 or so depositors”.

“That really for me is what the Ministry should exemplify. Looking at the big issues; what is good for Ghana and then we’ll solve the little personal things that may come up,” he said.

The lines above pretty much describe the man, Ken Ofori-Atta; an accomplished entrepreneur, investment banker and a proud husband and father of three; Katakyie, Ohemaaa and Nana Yirenkyi.

He, together with his lovely Angela has had their fair share of life’s pain and challenges. Right from conception through fatherhood, Ken has faced virulent challenges but he’s always prevailed.

A few months ago, the Director, Faculty of Academic Affairs & Research, at the Kofi Annan International Peace-Keeping Centre (KAIPC) Dr. Kwesi Aning said he admires Finance Minister, Ken Ofori Atta’s sterling performance since assuming office.

According to him, Hon. Ofori Atta has been the most impressive Minister so far among the 110 ministers of the Akufo Addo led-government.

“His mastery over his porfolio, his humility…and you see, his humility is not a put-on. It is driven by a conviction that knowledge, wealth and privilege must be used to serve to improve people’s life,” Dr Aning told Bola Ray on Starr Chat when he was asked which minister has impressed him most. Ken had his education at Achimota School in Ghana. He proceeded to have a Bachelor of Arts in Economics from Columbia University (1984) and an MBA from the Yale University School of Management in 1988.

He founded Databank with Daniel Ofori-Atta, Keli Gadzekpo and Togbe Afede XIV in 1990.

Ken is a fellow of the Aspen Institute. He was adjudged as the 2nd most respected C.E.O in Ghana in May 2008.

Ken is a Donaldson Fellow at Yale University and a recipient of the John Jay Award from Columbia University.

President Akufo Addo has in a well calculated leadership move, recruited some of the finest brains the nation has been blessed with. Some of these geniuses were party-political neophytes at best; but authorities in their various fields of expertise. They have through a dent of hard work and a stroke of genius transformed and sustained the Ghanaian private sector. They are the movers and shakers of the industry. The captains and architects of our economic vibrancy and I dare say, the stoppers of our Bukum Banku (inflation, i.e. economic bleaching).

One of such rare gems is 58 year old Kenneth Nana Yaw Kuntukununku Ofori-Atta. Well known in financial circles the world over as Ken Ofori-Atta; Ken is an astute Christian who ascribes to the theories of St. Francis of Asissi that “one must preach the gospel of Christ at all times and when it becomes necessary, they should use words”

Character communicates credibility, harnesses respect, creates consistency and earns trust. It is instructive to note that, as intimated by Dr. Aning, Ken’s disarming humility, warm personality and clean working record is not a days old façade. He has lived like that all his life. It is an ethos he ascribes to. A creed he lives by. It is what sets him apart from the crowd and puts him in a comfortable lead. It is what makes him a darling of the average Ghanaian, a friend of the international business community and secretly admired by the smartest brains in the main opposition party.

His intellect, confidence and mastery of the real economic situation of Ghana coupled with his fierce integrity is only paralleled by his disarming humility and perhaps his love for white shirts.

A story is told of one of the numerous sharp toothed baby ministers in the ex-while Mahama administration that had three official Personal Assistants. Needless to say, but it was his first job after university education. One PA carried his smart phones; another carried his crocodile leather bag and a third, opened the door of his government issued V8 land cruiser.

I do not know if such open display of opulence and wanton dissipation of state resources that culminated into the unprecedented defeat of a sitting government as captured in the classified Dr. Kwesi Botchwey report still exist under the present government. We should pray it doesn’t.

KOA, the accomplished entrepreneur cum celebrated intellectual at age 58 years, still carries his relatively heavier Kantamanto bag, stays in his own apartment with his professor wife, Angela Ofori-Atta, drives in his own Toyota Camry car and often runs like a school boy to cabinet meetings. Observe the contrast.

I end by saying to all that; children are a precious gift from The Lord. And, indeed, the good Lord is able to use a glimmer of light from just one innocent child to brighten the lot of a darkened generation. His ways are not our ways and His thoughts are far beyond our reach. Too difficult to appreciate, just take a careful look at the birth struggles of Moses. Born at a time when all male children of Jewish descent were being killed on the orders of the Pharaoh, Moses survived the torrid experience in the basket and led God’s people out of 400 years of slavery.

Jesus, the Christ was born in a menger to a virgin mother under the power of the spirit of God. Like Moses’ era, there was a decree to kill all male born children. Christ survived. Who is Christ? Read John 14:6.  Aristotle, Eleanor Roosevelt, Jesse Jackson, Malcolm X, President Nelson Mandela, President Gerald Ford, President Bill Clinton, Steve Jobs of Apple fame; are but few of the numerous world greats who like our own Ken, were destined for the abortion bench.

When the story is told of Ghana’s economic transformation, mention will be made of the humble Ken, whose mum Ohemaa, defied the convenience of abortion as proposed by the then (1959) renowned abortion specialist in Kyebi, Baba Haruna Iddrassu. 58 years ago, running from the scary abortion bench in the foliage of the Atiwa , Ohemaa fled to seek refuge in the traditional city of Kumasi. Haruna the abortionist of dreams failed and Ken prevailed.

Come Wednesday, 15th November, 2017, Ken will triumph again. Take a wild guess, who will fail again?

God bless our homeland Ghana

By: Michael Nana Sasu

Research Fellow @ Danquah Institute

The post Ken Ofori Atta: A man of humility, confidence and discipline [Article] appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to him, the recent failed attempts by the government to meet its target for the first tranche of the energy bond was an indication of the inability of the Economic management team, led by the Vice President, to manage the economy adequately.

[contextly_sidebar id=”u5hOEuV08ZHHAlRrD63ZpHMT9W9Phdes”]Speaking at a press conference organised by the Minority in Parliament today [Wednesday], Isaac Adongo described the team as “over-hyped” and stated that Dr. Bawumia’s “eloquence” had convinced Ghanaians to accept his “lies” about the state of the economy.

“Bawumia has never understood the economy of Ghana. He has always lied about the economy of Ghana. He said that our debt was about 36 billion and would end at 40 billion dollars. When he came with his budget, he said it was around 26 billion. How did John Mahama miraculously find 14 billion dollars to pay down the debt in three months before we left office? He took the people of Ghana for a ride,” he said.

“The reality is that, he knows nothing but he’s so confident and eloquent that he can confuse all of you. The reality is that he’s now managing the economy and must walk the talk. But with this bond, I doubt they will attempt the four billion again because they will not get a third rematch because the investors are already away from it.”

The managers of the bond sought to raise 6 billion cedis under two separate bonds, but accrued a total of 4.6 billion cedis after it closed the auction.

The 7-year bond received the targeted 2.4 billion cedis, whilst the 10-year bond accrued about 2.2 billion cedis, below the target of 3.6 billion cedis.

Several critics have described this development as a failure by the government and a sign of the declining confidence of investors, whilst the government hailed the bond as relatively successful.

According to Isaac Adongo, despite being able to raise a $2.25 billion bond in hours in April on the back of the goodwill built up by the NDC, the subsequent attempts have failed because of waning investor confidence.

“They rode on the back of the confidence of the economy that the NDC left, to raise a bond of $2.25 billion in four hours. What has now happened that in one month, they still can’t raise it? They are destroying the fundamentals that we developed for them. When they were in their honeymoon period and were taking credit we told them to wait and that their time would come. Their time has come and we have been embarrassed,” he said.

He claimed that the balance sheet of ESLA PLC after raising the bond was -$3.6 billion, and that no investor would put their money in such a company.

“It’s only under the best economist that the world has ever produced, Dr. Mahamudu Bawumia,” Isaac Adongo added, tongue-in-cheek.

Listen to the full address by Isaac Adongo below

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By: Edwin Kwakofi/citifmonline.com/Ghana

The post ‘Bawumia always lies about Ghana’s economy’ – Adongo [Audio] appeared first on Citi 97.3 FM - Relevant Radio. Always.

Speaking on Citi FM’s news analysis programme, The Big Issue, Mr. Loh said: “These things[attacks] send such wrong signals internationally that if we are not careful, we might not even have people willing to do business in this country.”

[contextly_sidebar id=”W88e3tx4yawK8RH1mfHY7llO6gTAwYvI”]There have been a series of attacks by various vigilante groups acting in the name of the NPP, since the party came into office in January 2017.

Nearly 20 illegal actions including violent attacks, have been carried out by these groups, despite verbal warnings from the President and various security chiefs against these unlawful acts,

Recently, some 13 members of the Delta Force, one of the vigilante groups affiliated to the governing party, were sentenced to a fine of GH¢1,800 each for vandalizing property at the Ashanti Regional Coordinating Council, and manhandling the Regional Security Coordinator.

Many have described the sentence as overly lenient and a recipe for more lawless acts.

Punishing culprits

Assigning reasons to these incessant attacks, Mr. Loh indicated that, these incidents had gone a notch higher because culprits “do not get punished for it, so this emboldens them to continue to do what they do.”

He therefore reminded the President to show more commitment in dealing with the canker by cracking the whip on suspects.

“I want to remind President Akufo-Addo that, if for nothing at all, he’s been fighting to be President, and now that he has become President, he should know he has a legacy as a human rights activist and setting up colleges that he prides himself with to protect.”

Military’s involvement needless

Mr. Loh also disagreed with an earlier suggestion by Security Analyst, Dr. Kwesi Anning, that the military should be involved in dealing with these groups, saying it was not within their remit to do so.

“I heard Dr. Anning saying soldiers must be brought in. First, it tells me that the Police administration should be scrapped because their remit is to protect us and ensure order, and if they cannot deal with people then what will be the use of the Police Service… I disagree with Dr. Anning. The soldiers have their remit, they have their role they are supposed to play, they have their training and that is why we keep them in the barracks.”

In Mr. Loh’s view, the most effective way of tackling vigilantism is to “depoliticize” vigilante groups.

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By: Marian Ansah/citifmonline.com/Ghana
Follow @EfeAnsah

The post Vigilantism might scare away investors– George Loh appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to him, such a move will rather enhance trading activities in the country, while inviting other countries to trade with Ghana.

[contextly_sidebar id=”E1SwEub7A6QOlXPvHpEQxAOhypURJtg0″]Government has extended its IMF program to April 2019, to enable it to meet set targets.

Ghana in 2015, entered into an agreement for $918 million to support the economy.

This extension has led to numerous agitations from various business groups as they believe the IMF program hampers employment opportunities among others.

But in an interview with Citi News, Dr. Spio Garbrah maintained that the programme can inure to the benefit of the business community.

“.. If your country is perceived by the international community to be a credible country from an economic and finance development and finance management point of view, then in theory, you are also a good destination for both private equity and are also a good destination for people who want to send their goods by way export…”

The benefits of the programme will also extend to favorable interest rates that will benefit businesses, Dr. Spio Garbrah added.

“Theoretically, if an IMF programme leads to you getting resources at a lower cost, that should also lead to lower interest rates for businesses who can use the lower interest rates to borrow, manufacture and to trade,” the former Trade Minister explained.

In the latest extension, IMF approved an additional 94 million dollar disbursement for the extension, which implied that freeze on government sector employment will linger on.

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By: Jessica Aryorkor Aryee/citifmonline.com/Ghana

The post Businesses can capitalise on IMF extension – Spio Garbrah appeared first on Citi 97.3 FM - Relevant Radio. Always.

Akufo-Addo who quoted figures from the Institute of Statistical, Social and Economic Research (ISSER) said the country lost about GHc618 million in economic activity in 2014 alone which he said is “equivalent to 2 percent of GDP.”

“Thus the four years of dumsor cumulatively led to a loss of more than $3 billion in economic activity and in the process thousands of Ghanaians lost their jobs,” he said at the second National Policy Summit on Trade and Industry held in Accra on Monday.

He also said the Ghanaian industrial sector was drastically suffered within the period.

“Regrettably the industrial sector has suffered one of the most significant setbacks in our history over the past few years. In 2014 for example, industry which in 2008, the last year of the government John Agyekum Kufuor, former president of the Republic had grown to 15.1 percent slumped to 0.8 percent in 2015 to -0.3 percent and further down to -1.4 percent in 2016. In 2015, manufacturing recorded a negative growth of 0.3 percent.”

He lamented that “a signification number of small, medium and large scale operators were all brought to their knees as a result of four years of dumsor induced by the mismanagement of the energy sector.”

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By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post Ghana lost $3bn under Mahama over dumsor –Akufo-Addo appeared first on Citi 97.3 FM - Relevant Radio. Always.

Speaking before the people of Bibiani at a durbar on Monday, he said his young government was already fulfilling its pledges despite the economic mess inherited by his administration.

[contextly_sidebar id=”jn4RroOvblyzX6HogzyWEQtWpTKli0v7″]According to President Akufo-Addo, “when we came into office, we were met with huge debts and no money. It is for this reason that we put in place the appropriate measures to strengthen our monetary system, so the development we promised the people can be met.”

This administration’s first budget has ensured that the country’s finances have been placed on a solid footing to ensure the fulfillment of the promises, he said.

President targets 1.5 million tonnes cocoa production

Touching on the dwindling fortunes of the cocoa sector, President Akufo-Addo noted that the policies and programmes instituted by former President John Agyekum Kufuor ensured that the cocoa production hit 1 million tonnes in 2010/2011.

However, cocoa production has since declined, with the 2015/2016 crop season recording a production of 778,000 metric tonnes.

The President has however set a target of 1.5 million tonnes for his administration.

“My government is going to increase cocoa production again to 1 million tonnes, and move it to 1.5 million tonnes in the course of my mandate. We will also ensure that cocoa farmers gain their pride of place in our society. We will make the cultivation of cocoa a source of gainful employment once again,” he said.

The 1-District-1-Factory policy, President Akufo-Addo noted, will be rolled out in the course of August, and the construction of the Western Railway lines will also begin shortly. with these two initiatives creating hundreds of thousands of jobs.

He added that these two initiatives are expected to create hundreds of thousands of jobs.

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By: Delali Adogla-Bessa/citifmonline.com/Ghana

The post We’ll overcome economic challenges Mahama left – Nana Addo appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to him, despite his general knowledge of the country’s economic predicament prior to becoming president, he was still taken aback by the severity of existing challenges.

[contextly_sidebar id=”IaPJc29GPZOFIeoc6V2tDqhNCWgMmzWj”]Speaking at a press briefing on Tuesday, the President reiterated he and his appointees’ readiness to deal with the issues that have stunted the country’s development, stating that many unusual and potentially unpopular steps had already been taken to address the situation.

“I knew that the biggest problem we faced on coming into office was the economy. But I can safely say that I was still shocked at the state of affairs we found. A very competent economic management team with Dr. Bawumia in the chair has initiated with my support, measures to solve the mess.

The desperate economic situation meant that we’ve had to take unorthodox but brave measures. There was never any chance that this government, voted into office with the mandate for change would dare to do things in the business as usual manner. The Asempa budget that the Finance Minister presented in March set the tone for the new ways of doing things that will transform our economy. It also provided the opportunity to deliver on some of the promises we made during the election campaign ” the President said.

A $2.25 billion domestic bond was recently issued by the government, with 95% purchased by Franklin Templeton.

The first two bonds, totalling 1.13 billion dollars, was issued at 15 and 7 years period with the same coupon of 19.75%.

In addition, the Ministry of Finance raised the cedi equivalent of USD1.12 billion in 5 and 10-year bonds via a tap-in arrangement.

The government also announced that they intended to leverage part of the nation’s bauxite deposits in a $15bn partnership with China.

The Government has come under fire in recent months from a section of the public, particularly the opposition, for these policies that have been adopted in a bid to address the country’s economic concerns.

The Minority have suggested that the domestic bonds might have been marred by issues of conflict of interest while concerns have been raised about the prospect of leveraging the countries mineral deposit in the deal with China.

However, the President stated that his government was committed to ensuring that the decisions that had placed the country in such a dire economic state in the first place, are not repeated.

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By: Edwin Kwakofi/citifmonline.com/Ghana

The post We’re taking unorthodox steps to solve economic mess – President appeared first on Citi 97.3 FM - Relevant Radio. Always.

The New Patriotic Party (NPP) administration accused the Mahama administration of having a voracious appetite for sole sourcing of contracts which were inflated at times.

[contextly_sidebar id=”oMSP346ww8LUzJt640uAXE8TiinVqfSF”]The NPP argued that, sole sourcing allowed corruption, and benefited a privileged few in the Mahama government adding that an Akufo-Addo government will eschew such practice.

But according to the Former Chairman of Parliament’s Finance Committee, this choice of the government may delay critical projects since sole-sourcing has its own benefits.

This he said is because going through the normal tendering process could “sometimes take up to about six months with the minimum being three months.”

“So anything you want to procure you have to go through these processes and its going to make governance so difficult for them. And because that is what have been saying let me not have anything against that. I wish them well but I have my doubts and I believe that it is going to put them in a tight corner and it will even have negative effects on this country,” he added.

MP calls for more power for procurement authority

The Deputy Majority Leader of Parliament, Adwoa Safo, had earlier called for the amendment of the public procurement act to give the Procurement Authority, the powers to conduct value for money auditing on sole-sourced projects.

She described as sad, revelations by the Auditor General’s annual reports that 80 percent of the procurement malpractices are centered on sole sourcing.

“From 2012 to 2014 when I was on the public accounts committee, about 80% of their recommendations to parliament are procurement malpractices… So I think that if the law is there, you need also a policy direction. And I think that, that is the first step that the president has given us in his state of the nation address.”

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By: Godwin A. Allotey/citifmonline.com/Ghana

The post Abandoning sole-sourcing will ‘cripple’ Akufo-Addo’s gov’t – Avedzi appeared first on Citi 97.3 FM - Relevant Radio. Always.