Mr Speaker, it is important by way of introduction to point out that for eight years of the National Democratic Congress (NDC), January, 2009 to January, 2017, every domestic bond they issued cost this country more than 19 per cent.
However, for the first time, the Government of President Nana Addo Dankwa Akufo-Addo, with its Hon Minister for Finance, Mr Ken Ofori- Atta, issued a domestic bond, which was so much criticised by the Minority and the opposition NDC, at the lowest interest rate ever. That is a matter of record.
When it comes to prudence and competence, we do not hear any submissions from the Minority to
challenge how this economy is managed. I have already said that at paragraph 4.1 on page 3 of the Report, our nominal GDP is now at 3.49 billion. The size of the economy -- if there has not been prudence and competence, this economy would not expand in spite of the challenges we have had in the financial sector.
At the risk of being repetitive, I would want to rely boldly on the submissions of the respected Hon Majority Leader, when he quoted copiously the statement of the former President, Mr John Dramani Mahama, in respect of the inefficiencies he mentioned in the supervisory mandate of the Bank of Ghana, which cumulatively led to almost a shutdown in the finance sector.
Mr Speaker, in spite of these, this Government has been able to expand the economy and sometimes when we hear the same people who could not manage express optimism of coming to take over and manage again, the question is what do they want to manage? We have had -- [Interruption] -- If they have a point of order, they should rise. They should not talk and walk away. This is a House of debate.
Mr Speaker, in pressing economic growth in the domestic economy, we cannot say everything is perfect but,
at least, if we get the eight years that the NDC had comparatively, relatively and in absolute terms, we would be far better than them. Confidence has been restored in the economy, which has led to the size of it and nobody could doubt that. Once there is confidence in the economy, there is that inflation effect.
If people do not have confidence in an economy, they borrow at a very high cost and we saw that in the NDC era. Today, do we have a single digit inflation? As at end December, 2019 was inflation single digit? Why has nobody on the Minority side held a press conference to commend the Government for ensuring 7.9 per cent end year inflation? Why have they not challenged the single digit inflation in the economy as at end December,
2019?
Mr Speaker, the prudent monitoring management -- yes, it is true that this Government came to meet crisis in the financial sector and it is true that the clean-up has resulted in challenges in the employment market. Of course, certainly, some people have gone on but it is equally true that the Government has taken steps to protect depositors.
Are people not receiving moneys albeit in instalments?
When the Government promised that depositors were not going to lose their investments, did it keep to that sacred promise?
Mr Speaker, one of the bonafide promises of a Government is to protect its citizens and I am challenging anybody on the Minority side who has a point to challenge me on this, whether or not Government has departed from its bonafide promise to the people of Ghana? It has not!
Mr Speaker, he first said if there are issues, why would Government not go to court? Is Government not in court? Is the Government not exercising its right under the law and is there not transparency in the system of justice in the country? Are people affected not going to court? In any case, are people not being paid? Has anybody complained that after validation, he has been denied his assets? No!
Mr Speaker, prudent monetary management includes protecting the interest and hard earned income, revenues and investments of the citizens of this country and that -- This Government has lived by that mandate.
