body-container-line-1

2024 budget: This is a dysfunctional budget — Former Deputy Finance Minister

  Thu, 16 Nov 2023
Politics 2024 budget: This is a dysfunctional budget — Former Deputy Finance Minister
THU, 16 NOV 2023 LISTEN

Member of Parliament for Cape Coast, Kweku George Ricketts-Hagan has described the 2024 budget statement presented to Parliament by the Finance Minister as a dysfunctional document.

To him, the budget does not paint the true picture of the economic situation in the country.

“This is a dysfunctional budget, it doesn't reflect all the liabilities of the government.” the former Deputy Minister of Finance told Johnnie Hughes on the Sunrise show on 3FM on Thursday, November 16 while reacting to the budget presentation by the Finance Minister.

Mr Ricketts-Hagan further said that the government cannot take credit for the Gross Domestic Product (GDP) growing towards One Trillion Cedis.

He stated that the GDP in the previous years is not the same as it is now hence, it is only natural that the economy is going to grow towards one trillion.

“GDP in the previous years is not the same as it is now so it is very natural that the economy is going to grow towards the One trillion not because the NPP government did anything special,” the former Deputy Minister of Finance said.

The Minister of Finance Ken Ofori-Atta told Parliament that Ghana 's economy under the Akufo-Addo administration is valued at over One Trillion Cedis.

This, he said, is against the GHc219.5billion that was inherited from the Mahama administration in 2016.

Presenting the 2024 budget statement on the floor of the House on Wednesday, November 15, the Finance Minister said “The 2024 budget is even more significant because we cross the one trillion Gross Domestic Product (GDP) mark for the first time in our economic history.

“Let me repeat, Ghana's economy, under President Akufo-Addo, in 2024 final year in office is projected to be valued at over One Trillion Cedis in 2025 from the GHS219.5 billion we inherited in 2016.”

Mr Ofori-Atta further said that the government is now focused on maintaining the growth that the economy is witnessing currently.

He said the government is determined to ensure the stability of the local currency and disinflation over the medium term.

“Our task now is to maintain stability and keep on growing. we are determined to remain on a course of increased growth, currency stability and disinflation over the medium term.

“I am confident that this victory budget will ensure that we boldly walk on a sustainable path toward creating decent jobs and wealth for our people,” the Finance Minister said during the 2024 budget statement presentation on Wednesday, November 15.

He said the government had turned the corner relative to the economic challenges when it successfully completed the first review of the 3-year 3 billion International Monetary Fund External Credit Facility (IMF-ECF) programme.

“We turned the corner when we completed the IMF first review,” he told Parliament while presenting the 2024 budget statement on Wednesday, November 15.

He further assured that the government is poised to “maintain stability and keep growing. and ensure increased growth, currency stability”

“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023,” he added.

“The recovery is indeed real and is here to stay,” he further assured.

In the area of job creation, the Finance Minister said Mr Ofori-Atat said “we believe it has been seven years of grace and positive impact. We are determined to do more to boost the capacity of the private sector to expand productivity and create jobs. In the past 7 years, we have: Invested GH¢32.7 billion to keep the lights on and support the growth of businesses and invested GH¢25.3 billion to facilitate the repositioning of the financial sector and enhance its ability to assist business operations.

“To date, the Development Bank Ghana has facilitated GH¢1 billion in competitive financing for the private sector, and GIRSAL continues to mitigate risks in the agriculture sector; Supported 100,000 young graduates to secure workplace experience and employment by investing GH¢2.4 billion in NABCO ; Invested GH¢7.1 billion to build road and transport infrastructure to improve connectivity and productivity; Invested GH¢541.5 million in 169 1D1F enterprises to scale-up valueaddition and provided 140,000 additional jobs; and vi. Created over 2.3 million jobs in the private and public sectors (approximately 900,000 in the private sector and 1.4 million in the public sector).”

—3news.com

body-container-line