The leadership of the minority in Parliament has indicated that the current government has mismanaged all the sectors of the economy, which has led to the present economic challenges faced by the country.
The minority spokesperson on finance and Member of Parliament for Ajumako/Enyan/Essiam, Cassiel Ato Forson, has pointed out that the fiscal deficit is estimated to have dropped from 9.3 percent on commitment basis of Gross Domestic Product (GDP) in 2016 to 6 percent of GDP in 2017.
Mr. Ato Forson again stated that with total revenue underperformed by 1.1 percent of GDP in 2017, the reduction in fiscal deficit turnaround was achieved mainly through expenditure cuts of 1.3 percent of GDP and a capping of transfers to earmarked Funds at 25 percent of tax revenue resulting in the suspension and postponement of major projects.
“According to the April 2018 figures from the Ghana Statistical Services, Ghana’s oil GDP is estimated to have grown from -13.5 percent in 2016 to 39.6 percent in 2017 driven by the mining and oil sectors, fueled by the Tweneboa, Enyenro, Ntomme (TEN); and Sankofa oil and gas fields. Non-oil GDP growth is estimated to have declined from 5.1 percent in 2016 to 4.6 percent in 2017”, he revealed.
Addressing stakeholders, some Members of Parliament and the media at the Justice D.F. Annan auditorium, he added that oil GDP growth declined from 2.1 percent in the fourth quarter of 2017 to 1.5 percent in the first quarter of 2018.
He further reiterated that “growth in the agricultural sector is estimated to have declined from 2.9 percent in the fourth quarter of 2017 to 0.4 percent in the first quarter of 2018; growth in the industrial sector declined from 4.0 percent in the fourth quarter of 2017 to 2.3 percent in the first quarter of 2018. It was only in the services sector that growth improved from 0.9 percent in the fourth quarter of 2017 to 1.2 percent in the first quarter of 2018”.
Source: GhanaJustice/S.Ayisi
