Asiedu Nketia calls for immediate use of Heritage Fund
Mr. Johnson Asiedu Nketia, the General Secretary of the National Democratic Congress (NDC) has suggested that the oil revenue reserved for future generation in the Heritage Fund should be used to solve Ghana’s problems now.
In an interview with Citi FM, he stated that it makes no sense to keep the Heritage Fund considering the ridiculous interest attached to it.
“In this current situation that we find ourselves in, it doesn’t make economic sense to be keeping any money called Heritage Funds,” he explained.
He argued that the Heritage Fund “is kept outside the country and the interest it is bringing is around one percent” therefore, there is no need saving the money when it can be released for immediate use.
The Heritage Fund is being kept to ensure inter-generational equity and to maintain the value of oil capital since the oil resources are non-renewable.
Asiedu Nketia, affectionately known as General Mosquito also added that “at a rate of about five percent, eight percent and so on when our own money is being kept by somebody. It doesn’t make sense.”
He said immediate use of the fund can help strengthen the economy “for the up and coming generation than to have an economy that is collapsing.”
Mr. Asiedu concluded that the Heritage Fund, when released later will be “handled by citizens who have not been properly educated because you don’t have money to educate them now, some of whom have died because you don’t have money to take care of their health needs, the roads are not good, the railways are not good and you still are keeping money for some other people who are yet to be born.”
His suggestion follows a number of measures government has put in place to achieve economic stability and save the depreciating cedi.