The Minority in Parliament has indicated that Ghanaians should expect tough times in the year 2019.
The minority pointed out that there is no indication that there will be a change in government’s policy direction but rather, Ghanaians would be burdened with tax.
In a roundtable discussion held at Justice D. F. Annan Hall in Parliament on the 2019 budget statement on Tuesday, October 13, 2018, Spokesperson for the Minority on finance and Member of Parliament for Ajumako/Enyan/Essiam, Mr. Cassiel Ato Forson, stated that there would be prevailing hardship, consequently weakening the economy.
“We expect new taxes to deal with the financial sector mess they have created with their populist policies. We expect the prevailing hardship to persist and may even get worse. The worsening unemployment situation will continue and more debt accumulation”, he asserted.
He further anticipated that there would be an upsurge in government expenditure and populists policies as well as an issuance of a century bond which, is above the absorption capacity of the economy.
Mr. Ato Forson, pointed out that the current government inherited a relatively stable country characterised by a constant power supply and robust oil and gas production.
The Member of Parliament who doubles as the Ranking Member of the Finance Committee, however stated that the government has failed to turn the inherited stable economy into further economic growth.
“Amidst great pomp and pageantry, the Akufo-Addo government through the Vice President and Finance Minister raised the expectations of Ghanaians through a 2017 budget presentation that continued the unrealistic campaign promises that were foisted on Ghanaians”, he concluded.
Finance Minister to present 2019 Budget Statement to Parliament
The Minister of Finance, Mr. Ken Ofori-Atta, will present the 2019 Budget Statement to Parliament on Thursday, November 15, 2018.
According to the Information Minister and Member of Parliament for Ofoase-Ayirebi, Mr. Kojo Oppong Nkrumah, the budget has been designed to bring more relief, hope and improvement in the standard of living of Ghanaians.
He revealed in an interview with ghanajustice.com that the budget would also mark the beginning of Ghana’s exit from the International Monetary Fund (IMF) programme, under which Ghana sought almost 918 million dollars over three years with conditions.
He again stated that the finance Minister would also speak on how the Government intended to invest in massive infrastructure without compromising on debt sustainability as well as expand credit to the benefit of small and medium scale enterprises.
Mr. Nkrumah explained that the Administration had, in the first two years, raced to correct slippages from the set targets under the IMF programme and is hopeful for a successful exit at the end of 2018.
The IMF conditions, among other things, required Ghana to improve domestic resources, control expenditure and reduce the deficit, which also placed a ban on new employment within the public sector.
The 2019 Budget, the third of the Akufo-Addo Administration, would be the first that is not under the supervision of the IMF.
The 1992 Constitution and Budget Statement
The 1992 Constitution requires the government to prepare a budget and present to Parliament at the Plenary and inform Ghanaians about revenues generated, expenditure incurred and what the government intends to do in improving the conditions of citizens.
Article 179 (1) stipulates that “the President shall cause to be prepared and laid before Parliament at least one month before the end of the financial year, estimates of the revenues and expenditures of the Government of Ghana for the following financial year.”
Source: GhanaJustice/S.Ayisi
