National Democratic Congress (NDC) Member of Parliament for Ajumako-Enyan-Essiam Constituency Cassiel Ato Baah Forson has bemoaned the increase in the country’s public debt under the current New Patriotic Party (NPP) government just 18 months into power.
Discussing the 2019 budget statement presented by Finance Minister Ken Ofori-Atta last Thursday, Mr Forson said from GH¢122 billion the debt has risen to GH¢170.8 billion.
Delivering the budget, the Finance Minister said the total stock comprises GH¢86.6 billion external debt and GH¢84.1 billion domestic debt.
“The overall rate of debt accumulation in 2018 is 19.8 percent, driven primarily by the cost of the clean-up of the financial sector, involving the resolution of the seven defunct banks,” Mr Ofori-Atta said.
He explained that the total debt is 70.7 per cent of the gross domestic product (GDP).
But reviewing the budget on the floor of Parliament on Tuesday, the Ranking Member of the Finance Committee said every Ghanaian including newly born babies, by current terms, owes GH5,798.
“Mr Speaker, this is unprecedented,” he stressed.
According to him, it will be deception on the part of government to state that the loans will be invested into infrastructure as announced in the budget.
“I’m surprised that this government is creating the impression that they are going to do magic with infrastructure.
“The allocation does not support infrastructure development.”
Source: 3news.com
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Incompetent half baked analysis from an incompetent and half baked professional who wrote professional accountancy exams many times and could not pass but was made a deputy minister by the NDC because the lack qualified professionals. What was the individual debt when the Kufour administration exited in 2009 and what was the individual debt when the Mahama administration exited in 2017? When you provide those figures then we can compare the figures with the 22 months of the Nana Addo's administration and have the debate.
When u appoint non qualified half baked guys who couldnt complete their accountancy courses they pollute the system with ignorance and poor analysis
Hon Ato, I think your points are not clearly defined. Besides your left in power 2016 leaving a debt of 122 billion giving each Ghanaian a debt of ( Gh 4,066.667) and you never complained. But NPP in power just 18 months of building strong economy and better policies for Ghanaians with debt of 48.8 billion giving each Ghanaian a debt of (Gh 162.667 ) which you termed as Gh 5,798. Don't be confused Hon...… please deduct your debt from ours and do your calculation Hon
Yes every Ghanaian including new born babies owe GHc5,798.00 relative to the country's total debt stock. As a former minister can you please tell us how much each Ghanaian including new born babies own relative to the country's assets.
give us a break with this ***barred word*** talk
NPP what are you waiting for ah.Let prosecution begins
Ato Forson is just an empty barrel making the most noise.... What did he achieved when he was a dep minister? Nothing... Now making noise. Bunch of incompetent NDC people.
Ato can u kindly tell Ghanaians how much each owes when u were leaving office after 8 years of ur governance? Then after 8 years of Npp we can see the differences. politics... hmmm