Business News of Thursday, 16 November 2023
Source: www.ghanaweb.live
2023-11-162024 Budget: Ofori-Atta, Addison, Bawumia are 'faces of destruction' - Ato Forson
Ken Ofori-Atta with Mahamudu Bawumia during budget reading |File photo
Minority Leader Cassiel Ato Forson, demanded the whereabouts of two top managers of the economy during in his comments after the 2024 budget was presented before Parliament by finance minister, Ken Ofori-Atta on November 15.
He asked the minister how come the governor of the Bank of Ghana (BoG) and the Vice President were absent from the session.
Ato Forson had serially critiqued
Read full article.the budget as an insensitive and out of touch document even though the minister labeled it 'nkunim' (victory) budget.
"This is the scorecard of this government, this is the legacy of this government, so I am not surprised that today you are here reading the budget alone, where is the governor of the Bank of Ghana, now where. Where is the Vice President, no where.
"But let me say, they cannot abandon you, you did this with them and so, they are the faces of destruction and you are part of it. Bye bye NPP, bye bye Mr. Minister, this is your scorecard," he stated to loud cheers and applause from the minority side of the House.
The BoG governor, Ernest Addison has been criticized by the opposition and experts for the slump in the Ghanaian economy. He is said to have allowed government breach existing regulations especially relative to borrowing.
The Vice President on the otherhand, being the head of government's Economic Managament Team, has been directly accused as having superinteded over the worse economic performance in the country's history.
Ofori-Atta in his presentation expressed optimism about the prospects of the 2024 budget which according to him, being the last budget to mark the end of the tenure of the the Nana Addo Dankwa Akufo-Addo-led government, is tailored with inputs from the various stakeholders that matter.
He noted that the budget is set to advance the country on the path of fiscal consolidation and growth that began a year ago.
Ofori-Atta also said the budget sets out a new debt sustainability path after the “excruciating” debt distress that saddled the country since last year.
"And I am confident that this "Nkunim" budget will ensure that we boldly walk on a sustainable path toward creating decent jobs and wealth for our people. For with national dedication, the Lord will continue to give us treasures of dark places and hidden riches in secret places.
"Mr. Speaker, I present to you the "NKUNIM" Budget. A people with a manifest
destiny for greatness. We are resilient and we shall prevail, because the Battle
is still the Lords," he said in parliament.
The presentation of the 2024 budget is per Article 179 of the 1992 Constitution of the Republic of Ghana and Section 21(3) of the PFM Act 2016 (of ACT 921) which requires the minister to provide the fiscal policy of the year contained in the Budget Statement and Economic Policy of the government.
This year's budget will be the first after Ghana signed on to the US$3 billion loan facility for economic recovery after being saddled with high debt issues. This year's budget is also the President's last budget in power. It is expected to address the country's high inflation rates and unstable exchange rates among other economic issues.
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