Fifi Kwetey
Fifi Kwettey deputy Minister of Finance and Economic planning

Deputy Finance and Economic Planning Minister, Fifi Kwetey has questioned the rationale behind the opposition New Patriotic Party’s (NPP’s)penchant to attain and sustain single digit inflation during it eight years tenure in government if it claims single digit inflation is not important.

Kwetey posited that the NPP’s posture about the downward trend of inflation in the country smacks of double standards since according to him, the NPP during its tenure of office boasted to have brought down the inflation rate.

“If single digit inflation was not so important,then why was the NPP pursuing it for so long? They chased single digit and was able to sustain it for just two months as opposed to the 24 months of the NDC” he stated.

The deputy Finance Minister’s comment is an apparent response to vice presidential candidate of the NPP who delivered the Ferdinand Ayim Memorial Lectures in Accra Wednesday, and said the single digit inflation being touted by government does not reflect in the lives of Ghanaian.

Dr. Mahamudu Bawumia who spoke under the theme “The state of our economy” mocked the ‘unprecedented’ economic achievements which government officials have hailed as a testimony of the prudent management of the economy by the Mills-led administration.

But on Asempa FM’s Ekosii Sen programme Thursday, Fifi Kwetey explained that single digit inflation does not mean a drastic reduction in goods and services but rather a gradual reduction which will take time to reflect on the economy.

He noted that Bawumia’s claim cannot change the fact that under the Mills-led government, inflation is at 8.6%, adding that “24 long months of single digit inflation and still counting is unprecedented”.

He stated that President John Mills in three years has not just achieved an unprecedented single digit inflation that has among others stopped the price of Kenkey galloping from around 66%. He also mentioned unprecedented low budget deficit, GDP growth, one million metric tones of cocoa, 2 billion dollar cocoa loan syndication, and an unprecedented Single Spine Salary Structure which he said never happened under the NPP.

Fifi Kwetey wondered why Dr. Bawumia, a renown economist and a former Deputy Governor of the Bank of Ghana, will seek to underestimate the stable macro-economic achievement chalked by President Mills.

“Bawumia is doing himself a massive discredit. He was part of the calamitous management of the economy by the NPP as deputy governor at the Bank of Ghana that left the economy on rocks and intensive care unit,” Kwetey said.

He indicated that the ruling National Democratic Congress (NDC) government which inherited an ‘intensive care economy’ has made giant strides in the economic and infrastructural development of the country in its first term.

The Deputy Finance Minister averred that the NPP over the years has failed the people of Ghana with blatant lies which he says will keep them in perpetual opposition.

Fifi Kwetey urged all Ghanaians to take advantage of the congenial economic environment created by government to boost their businesses. **

 

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