The Akufo-Addo government has been at the receiving end of a massive backlash following what was organised as a ‘Kenkey Festival’ to celebrate Ghana piling up an additional US$ 3 billion debt from the recently sealed Eurobond transaction in London.
The Ministry of Finance on Thursday hosted a party which was advertised widely as a celebration of the Finance Ministry’s hat-trick.
A copy of the advertisement read: “To celebrate Ghana’s Hat-trick: Successful Eurobond, Completion of the IMF-ECF Programme: Cedi Appreciation.” The party was held at the forecourt of the Ministry of Finance amidst pomp and pageantry.
Viral social media pictures show the Finance Minister Ken Ofori-Atta beaming from check to check with a bowl of the popular local dish-Waakye.
Critics on social media and conventional media have questioned such a curious celebration, especially the celebration of debt.
Among others, Managing Editor of the Insight newspaper, Kwesi Pratt Jr. has denounced the party as a mark of mediocrity that lowers the bar in governance in the country.
“If kenkey parties were to be held anytime we successfully borrow money from the international market then we should have been holding parties since the 80s when we began borrowing,” Mr. Pratt sneered in an interview monitored by Whatsup News.
According to him, the party held by the government to mark the successful addition to Ghana’s debt stock is an insult to the intelligence of Ghanaians by a government that said in opposition that borrowing to develop a country was a lazy man’s approach.
Interestingly, this is not the first time that Ghana has completed an IMF program. The first time Ghana successfully borrowed Eurobond was under former President Kufuor in 2007, which delivered a Euro700million facility that the country later struggled to pay off.
Thenceforward, the Mills and Mahama governments have also successfully secured Eurobonds and none of them was marked with such pomp.
“The kenkey party that Ofori-Atta held to celebrate borrowing is a spectacle that goes below incompetence. We have become an absolute joke in the eyes of the rest of the world,” said Irene Mensah, the founder of the Pentecost University branch of the opposition National Democratic Congress (NDC) Tertiary Education and Institutions Network.
“The people of New Zealand lost 50 people in a terror attack and the government responded with national mourning, but we have lost some 90 people to accident and our government is celebrating a kenkey party!” she queried.
Source: Whatsupnews Ghana