CPP North America congratulates CPP Ghana

and ALL Ghanaians for standing against NPP’s Neo-Colonialist stance regarding Vodafone.

The CPP North America (CPPNA) wishes to congratulate the Convention Peoples Party (CPP) and all well meaning Ghanaians for your stance on the sale of Ghana Telecom (GT) and your determination to ensure a favourable deal is struck. A deal, that will economically empower and not to impoverish Ghanaians. By working hard to suspend the proposed sale, you have not only demonstrated your love for the country but upheld the notion that the African is capable of managing his own affairs.

The CPPNA believes that whilst the 900 million dollars offer price was too low and the inclusion of the national fibre optic backbone which had hitherto, not been part of GT's infrastructure in the deal is economically imprudent and politically suicidal in security sense. This is BAD GOVERNANCE on the part of NPP administration. The Communication industry is tied to national security matters and the proposed sale to a multi-national seeks to undermine Ghana's national security. It is just irresponsible to submit national security interest to a foreign company.

We believe that there are two positions on this sale and other assets of the state of Ghana:

a. Capitalisation for new technology.

b. Expansion of quality and affordable services to Ghanaian public.

First, GT can always fulfill these categories of business operations by floating shares on the Ghana Stock Exchange (GSE) and subcontracting for new technologies. GT can also recruit professional engineers (domestic and foreign) for local capacity building. Why should the government deny its own nationals a chance to own stocks, create wealth, escape from poverty and enter the middle class?

The masses of Ghana are denied economic empowerment by loss of employment tied to sales of national assets considered pillars of Ghana's economic foundation. We should not allow this “creepy rip-offs” of Ghanaians through divestiture, merger and spurious acquisition.

Second, it is estimated GT's actual value is worth $11Bn and so the proposed offer of $900M is a pittance. This constitutes an UNDER SALE and economic loss to Ghana.

Third, the NPP 'Indigenous Capitalism' economic policies have lead to bogus deals and sales that has robbed Ghana of national assets like Ghana Airways, Ashanti Goldfields Company etc. The loss of state economic assets to private capital has deepened Ghana's path to NEO-COLONIALIST DOMINATION and enriched domestic indigenous capitalists tied to political parties in government.

This shambolic sale must be halted, investigated by non partisan auditors and renegotiated taking into consideration Ghana’s long term economic and security interests. The sale of Ashanti Goldfields was a sham and GT must not fall prey to NEO-COLONIALISTS, their agents and saboteurs of Ghana and Africa’s forward march to economic independence.

This is not the time to play politics with whatever asset is left standing in our country. All well meaning Ghanaians must join this earnest protest and send a STRONG signal to President Kuffour and his NPP that we will NOT forgive them if they should go ahead and sell GT under current terms. We must be alarmed by these incessant sales of our resources to these foreign investors and it’s about time we demanded the publication of ASSET RETIREMENT COST of all our national assets for the past twenty years. [ASSET RETIREMENT COST is money set aside to rehabilitate/cleanup an area of operation after the terms/contracts are ended. This is mandatory in all sales and acquisitions].

All state assets; Oil, gas, gold, diamond, telecom, timber and all entities should include asset retirement costs in its Costs Incurred disclosures. It covers a company’s legal obligations resulting from the acquisition, construction, development or normal operation of a capital asset. Foreign investors must not take us for granted. They would demand these accountabilities in their land and so why should they overlook this when they operate abroad?

Is the government on top of all these obligations?

Have previous governments ensured that value is created [for the indigenous people] after an asset is retired? This government and all subsequent governments MUST ensure that these companies account for asset retirement obligations.

We need all these checks and balances if we are to leave an inheritance, prosperous economy and a clean environment for the next generation.

We MUST and SHOULD not give in to NPP’s Neo-Colonialist intransigencies. We must not be relegated as second class citizens in our own land. We MUST not allow someone to tell us that we are inferior. We are NOT. We are intelligent, resourceful, accomplished Ghanaians and we are capable of managing our resources and our security. The damage done to our economy is colossal and CPPNA is calling on all Ghanaians to stop the NPP in this regard.

God bless our homeland Ghana.

FORWARD EVER

Kweku Manful

Vice Chair- CPPNA