It is extremely needless and senseless to avail workers during working hours to celebrate bonds which shall be paid back with maturity , accrued and compound interest.
It is indeed a disgrace to Ghana for leaders to act so low by celebrating loans and bonds which has a lot of side effects on our economy.
The good people of Ghana must stop taking leaders and members of the Npp serious, this same Npp people who claimed there is enough money in Ghana and for that matter will never go for external help then in opposition, now paraded themselves on Friday 22/03/2019 and enjoyed Tilapia and club beer for securing bonds which they have vowed not to attempt of taking, because there is enough money in the bank of Ghana, another failure of their sugar quoted promises.
It is irresponsible on the side of the finance minister to think so low to organize a tilapia with Kenkey meeting to celebrate a debt.
If we are celebrating bonds and debts today with Tilapia and club beer, what are we going to do if our Cedi levelled The US dollar by $1 for gh1?.
I’m badly disappointed in the finance minister and the organizers of such a needless program with the money of the poor tax payer.
Ghanaians deserve better than this kind of irresponsible and immature leadership, why can’t common sense be applied to make Ghana a safe abode to live?
*Due to the poor curvature of our roads, we have lost almost 100 citizens within a week, due to complacency and too knowing, our currency today is suffering from epilepsy, making it very feeble, yet we paraded ourselves to drink and chilled for securing a bond from Europe, why won’t Donald Trump call Africa as a shithole continent*?
Whiles the ordinary Ghanaian is looking forward to leaders to make the economy very buoyant for jobs and other opportunities to be made available, what the so called men in the Npp could do is to parade themselves and their foot soldiers to enjoy themselves for securing a bond.
In search, of this same celebrated bond, government of Ghana under Nana Addo used huge amount of the tax payers money to pay plane tickets for over 100 people to travelled outside the country to play no relevant roles.
This money granted us is not for free, why must we waste time, especially working hours to celebrate it? this is a comprehensive reflection of super incompetence and a gross mediocrity.
The good people of Ghana will surely know the Npp by their irresponsibility and mediocrity, H. E former Prez Mahama secured better loans to expand this economy and created Jobs without organizing for any tilapia and Kenkey party, why can’t the Npp benchmark this economically wise decision of the NDC ex president?
I have an unflinching respect for the minister of finance but for this needless, and misguided act of his, is below the belt and must be condemn by every Ghanaian who is a citizen but not a spectator.
Loans, bonds and debts are not worth celebrating and will never be worth celebrating, we need to sometimes let our education as leaders reflect in our daily lives and whatever we do to serve the nation.
*Find below the dubious implications of the celebrated bond on our economy, Npp went for a perpetual debt and paraded themselves to drink club and eat Kenkey with cholesterol – free Tilapia, in the expense of this hardship in Ghana? oh no, something is wrong, the clergy must seat up*
We sold bonds summing $3b in 3 tranches maturing at 7years, 12years and 31years with interest rates 7.875%, 8.125% and 8.95% respectively. Some even think we have gone for loans, loans and bonds are both instruments to service debt but in practicality, they differ in significant ways.
In loans, you repay both interest and principal and sometimes accrued, so the amount you owe reduces gradually. You may even accelerate your repayment in order to pay off earlier and thereby reduce the amount of interest you pay. In bonds, you pay interest only and then the face value on the date of maturity.
For the 7year bond at 7.875%, assuming the face value is $1b, we will pay interest of $78.75m/year. Over 7years, the total interest = 7x 78.75 = $551.25m. Then we pay the $1b as well.
For the 12year bond at 8.125% assuming the face value is $1b, we will pay interest of $81.25m/year. Over 12years, the total interest =12 x 81.25=$975.00m. Then we pay the $1b also.
For the 31year bond at 8.95%, assuming the face value is $1b, we will pay interest of $89.5m/year. Over 31years, the total interest = 31x 89.5=$2774.50m. Then we pay the $1b as well.
*Total interest paid for $3b bond = 551.25 + 975 + 2774.50=$4301m or $4.3b, we are paying $4.3b for $3b and we have paraded ourselves to drink club beer and eat Kenkey*?
*Are we happy for paying an additional $1.3b to the bond we are celebrating*?
Ken Ofori Attah own the people of this country a great apology for that needless event which wasted our taxes for no profitable returns.
The media must help me condemn this low acts of the finance minister and the Npp.
Thank you all
*Nkwanta south NDC executive member, Oti region*