The Caucus for Democratic Governance, Ghana (CDG-GH) says listening to the Minister of Finance, Ken Ofori Atta and to public comments on the 2020 Budget read in Parliament yesterday, they “can at best conclude that the budget is empty and unimpressive.”
Dr. Hyaford, Convener of the group in a statement copied Awake News said “There was nothing new other than repeated promises including road construction and macro economic parameters which are not reflecting in the pockets of the average Ghanaian.”
According to him, “The Energy sector is saddled in fraudulent and corrupt activity, where the PDS is in headlong confrontation with ECG. In all these, the President is willfully refusing to listen to pubic opinion on the Energy issue. When two elephants are fighting , it is the grass which suffers. In this bout, it is Ghana which is financially suffering. The USA as a result of the confusion has withdrawn the second trench (of the compact) which is US $ 190 million. This is financial loss to the State which the Financial Minister forgot to tell the public.”
He has bemoaned the speed at which the Akufo-Addo led NPP is borrowing which he said has so far borrowed GHc85billion but sadly has nothing to show.
“The National debt has risen to 210 billion. Nana Addo’s Government alone has added 85 billion GHc to the National debt with nothing to show. This happens to be the highest debt rate since Ghana became independent.” – He said
On the current economic hardships, this is what he has to say:
The US$ rate is rapidly increasing, making life difficult for small and big industries. Spare parts dealers and other importers are crying for change. The Finance Minister equally forgot to inform the public.
The Banking reform has left over 500 Banks and Micro Finance Companies locked up with Millions of Jobs lost, increasing the already high unemployment figures. The Finance Minister forgot it all.
Read the full statement:
CAUCUS FOR DEMOCRATIC GOVERNANCE-GHANA
PRESS RELEASE
15th November, 2019
2020 BUDGET STATEMENT : UNIMPRESSIVE
Full of repeated promises, borrowing for Consumption; no Productivity and no job creation
Listening to the Minister of Finance, Ken Ofori Atta and to public comments, the Caucus for Democratic Governance, Ghana (CDG-GH), can at best conclude that the budget is empty and unimpressive. There was nothing new other than repeated promises including road construction and macro economic parameters which are not reflecting in the pockets of the average Ghanaian.
The Energy sector is saddled in fraudulent and corrupt activity, where the PDS is in headlong confrontation with ECG. In all these, the President is willfully refusing to listen to pubic opinion on the Energy issue. When two elephants are fighting , it is the grass which suffers. In this bout, it is Ghana which is financially suffering. The USA as a result of the confusion has withdrawn the second trench (of the compact) which is US $ 190 million. This is financial loss to the State which the Financial Minister forgot to tell the public.
The National debt has risen to 210 billion. Nana Addo’s Government alone has added 85 billion GHc to the National debt with nothing to show. This happens to be the highest debt rate since Ghana became independent. The US$ rate is rapidly increasing, making life difficult for small and big industries. Spare parts dealers and other importers are crying for change. The Finance Minister equally forgot to inform the public.
The Banking reform has left over 500 Banks and Micro Finance Companies locked up with Millions of Jobs lost, increasing the already high unemployment figures. The Finance Minister forgot it all.
Implemented policies are not carefully and well thought through before implementation. The result is that these policies are saddled in problems leading to stupid innovations causing more problems. The free SHS is a typical example where SHS students and parents are suffering from senseless double truck and payment of fees for extra classes. This the Finance Minister refused to tell the people. Instead we were made to understand that all is well with the free SHS.
The truth is that, the single digit inflation neither reflect in the pockets of the people nor conforms to the macro economic figures being trumpeted by the Finance Minister.
Dr E.K.Hayford
Chief Convener CDG-GH
0277606338 / 0507694343
By: Efo Korsi Senyo / awakenewsroom.com