Finance Minister, Mr Ken Ofori-Atta, went a bit religious during his intro as he presented the much anticipated 2017 Budget Statement and Government Economic Policy on behalf of the President, Nana Addo Dankwa Akufo-Addo in Parliament on Thursday.
In his characteristic white African printwear, the Finance Minister was heavily heckled for paying tribute to founding members of the country including JB Danquah, resulting in a clearly outraged Speaker, Prof. Aaron Mike Ocquaye, threatening to suspend sitting if MPs will not cease the heckling and take notes to enhance debate later on.
Ken Ofori-Atta noted that the economy is distressed because of excessive borrowing, weak commitment to control, excessively priced procurements, inflated costs, among others. According to him, “the country's debt stock has reached a level of approximately 73 per cent of GDP as at the end of 2016, which is in excess of the debt sustainability threshold of 70%”, resulting in “high debt service costs with interest payments alone taking up nearly 42 per cent of tax revenue”.
This together with “compensation of employees, is more than the total domestic revenue, leaving no fiscal space for growth-enhancing policy programmes and expenditures”, he added.
Bandying figures to buttress his point of “how challenged” the economy is, he revealed that “total expenditures at the end of December 2016 stood at 30.3 per cent of GDP against the target of 26.4 per cent of GDP with an outstanding stock of arrears of nearly GHS7 billion. This is at variance with the performance criteria on the non-accumulation of arrears of the 2016 fiscal year under the IMF-supported credit facility programme”.
The Finance Minister however gave the assurance that irrespective of the fact that the Private sector is struggling and “the large fiscal slippages” that resulted “in the fiscal deficit of 8.7 per cent of GDP on a cash basis and a 10.3 per cent on commitment basis” which clearly is “a sharp deflation from the IMF programme fiscal target of 5.3 per cent of GDP”, the current administration will reverse the dwindling fortunes of the Ghanaian economy.
“Through Jesus Christ we can resolve these challenges and establish a righteous and just society for all...Our goal is to build the most business-friendly and people-centred economy in Africa which will translate into job creation and prosperity for all Ghanaians...We intend to reverse this trend and restore fiscal discipline,” Ken Ofori-Atta indicated.
Source: Peacefmonline.com/Ghana
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Now their whizkid Bawumia has turned over the problems to Jesus Christ?
I heard a sermon, not a budget. It was almost well-crafted grammar but as one who comes from an execution standpoint it's largely hot air. All these proposals have to be ratified in law. Of course with NPP in majority it will pass. My wonder is whether the reduction of taxes creates employment as is being touted? For now, we wait to see how it evolves. We risk being plunged into further debt and our country in further trouble. God help us!
If the country is in serious debt, how can you be abolish tax on spare parts. If you are not going to tax spare parts, what else will you tax, condom? How can you abolish tax on everything, make free education for everybody, including billionaires ground children, and then call Jesus to come and perform miracles. You are showing recklessness in your financial management. Where do you think you are taking Ghana?
these are t for. he people we votted. they behave like children.
And they said to call them honorable. What is honorary about their behavior is parliament today? This country is in shambles and we are trying to get a better perspective so we know which approach to take and they are at their dishonorably best? I weep for Ghana...
Amenooooo with God all things are possible.
Bravooo!!! Minister
Thank God since you've trusted God ,May he grant you wisdom and help to run this nation.We all have to put into action measure to build this nation of ours.The battle is the lords does not mean we seat down and pray but we have to move to the battle field .We all have to sacrifices in certain times and work hard ,take away bad behaviors,take away corruption ,and let the rule of law reign .
Massa Ofori-Atta ; What is the matter with your polluted Kyebi brains about JB Danquah ; what has the presentation of a budget in 2017 got to do with JB Danquah a CIA agent who was politically and cleverly displaced by Kwame Nkrumah because this attempt by these arrogant and womanising families of the Ofori Atta Kyebi mafia including Nana Addo to rehabilate JB Daquuah will not work; this to me is just pedestrian propaganda politics by these Ofori-Atta and Danquah families because the man has being dead years ago under polititical incastration by Dr Nkrumah ; does this Ofori -Atta NPP finance minister think we are going to CHOP Mr Danquah's propaganda initiaves in the budget ; we need somebody to manage our finaces not come to raise the memory of JB Danquah ; at least we all know jesus did some good works ; what did J B Danquah do ; PLEASE STOP YOUR MEDIOCRE POLITICS ; MASSA GHANAIANS EYE OPEN OOOOOO!!!!!!!; BECAUSE IF YOU FAIL GHANA WE SHALL BOOT YOU OUT LIKE JON MAHAMA AND THE NDC PERIOD !!!!!
Are these the people we call honourable when we cue in the sun to vote for. This is silly. So parliamentarians can not control themselves aba