{"id":33041,"date":"2014-07-19T15:13:27","date_gmt":"2014-07-19T15:13:27","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=33041"},"modified":"2014-07-19T15:13:27","modified_gmt":"2014-07-19T15:13:27","slug":"govt-not-prepared-to-transform-economy-franklin-cudjoe","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/07\/govt-not-prepared-to-transform-economy-franklin-cudjoe\/","title":{"rendered":"Gov\u2019t not prepared to transform economy \u2013 Franklin Cudjoe"},"content":{"rendered":"<p>The Executive Director of IMANI Ghana, Franklin Cudjoe has described <span class=\"GINGER_SOFTWARE_mark\" id=\"ec7be071-0812-444a-b1f1-027b19f2099d\">government\u2019s decision<\/span> to halve the $3 billion China Development Bank (CDB) loan as a signification of government\u2019s unpreparedness to transform the economy.<\/p>\n<p>According to Mr. Cudjoe,\u201d the fact that we have to change the fundamentals of making projections, going for loans, knowing the profitability and viability of the project is an attestation of the fact that we have never been ready to do serious business with the economy.\u201d<\/p>\n<p>The CDB agreed to provide Ghana with a loan of $3 billion for a package of <span class=\"GINGER_SOFTWARE_mark\" id=\"ecfc1403-b07c-47c2-8655-db4113b464e9\">infrastructural<\/span> projects.<\/p>\n<p>The loan was signed by CDB and Ghana on December 16, 2011.<\/p>\n<p>The Minister of Finance, Mr. Seth Terkper in his \u00a0presentation on the 2014 mid year review budget last Wednesday, however, announced the decision to halve the $3 billion loan to $1.5 billion<\/p>\n<p>The announcement has generated public outrage as some believe the decision could \u00a0halt some of the <span class=\"GINGER_SOFTWARE_mark\" id=\"60a8bca7-be49-477e-93ec-6f3588c77b4a\">infrastructural<\/span> projects government intended to embark on with the full loan.<\/p>\n<p>Speaking on<strong> Citi FM\u2019s\u00a0<\/strong>News Analysis <span class=\"GINGER_SOFTWARE_mark\" id=\"4c2694ad-dd89-409f-8507-1201bd09a050\">Programme<\/span>, <i>The Big Issue<\/i>, Mr. Cudjoe condemned <span class=\"GINGER_SOFTWARE_mark\" id=\"a311b2d7-440e-4db5-a8ea-fa3219a4353f\">government\u2019s decision<\/span> to sign onto the loan in the first place, describing it as \u201cchicken change.\u201d<\/p>\n<p>Mr. Cudjoe believes Ghana\u2019s \u201cretrogressive\u201d and \u201cdiscordant\u201d forex rules partly compelled government to <span class=\"GINGER_SOFTWARE_mark\" id=\"1893c264-1b28-472a-bced-625f3c7b09ff\">halve<\/span> the loan.<\/p>\n<p>\u201c<span class=\"GINGER_SOFTWARE_mark\" id=\"315957da-b42d-4c20-bee7-413c05e504cb\">Unfortunately we<\/span> are in a serious bind. It was clear that if we had discordant and retrogressive forex rules, government\u2019s projections from day one was going to be affected\u201d<\/p>\n<p>\u201cGovernment had forgotten that all the projections that were being made were <span class=\"GINGER_SOFTWARE_mark\" id=\"f89ce639-4d23-428b-8995-467e8923b008\">timeous<\/span> and were related to the time value of money and so if you were already having an economy that was not so productive, you don\u2019t kill it further by having these forex rules,\u201d Mr. Cudjoe opined.<\/p>\n<p>&nbsp;<\/p>\n<p>By: Marian Efe Ansah\/citifmonline.com\/Ghana<br \/>\n<a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/EfeAnsah\" data-show-count=\"false\">Follow @EfeAnsah<\/a><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\n!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=\/^http:\/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+':\/\/platform.twitter.com\/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs');\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Executive Director of IMANI Ghana, Franklin Cudjoe has described government\u2019s decision to halve the $3 billion China Development Bank (CDB) loan as a signification of government\u2019s unpreparedness to transform the economy. According to Mr. Cudjoe,\u201d the fact that we have to change the fundamentals of making projections, going for loans, knowing the profitability and [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":19212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[265,259,43,1719,283,38],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gov\u2019t not prepared to transform economy \u2013 Franklin Cudjoe - Citi 97.3 FM - Relevant Radio. 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