Private legal practitioner, Martin Kpebu, has expressed the opinion that government’s 2024 budget holds little significance for the average Ghanaian, as it neglects to address their fundamental concerns.
During an appearance on TV3’s Key Points program on Saturday, November 18, 2023, Mr. Kpebu asserted that, instead of alleviating the existing economic pressures on the average citizen, the budget appears to be designed to favor party interests.
“If you couldn’t take off taxes from the fuel so that it will bring down the prices so that times will improve, then for them all this is basically not relevant for them.”
“Of course, these are contracts that they will give to a few party faithful, a few party faithful because I have met a number of NPP supporters who are crying because they were never given contracts as promised.”
“So the budget, yes, they said they are projected to spend GH¢227 billion but the ordinary man is saying how much is in it for me? It is going to big party people who will come and take sole-sourced contracts etc right?
“So to that extent, that budget doesn’t mean much to us. As long as we buy koko for GHS3, kenkey for GHS5, fish for ten cedis et cetera, yam, rice and all those things, it doesn’t mean much,” he stated.
He continued by saying that among other things, the government should have taken into account the taxes levied on petroleum products because they contribute to the rise in the cost of goods and services.
“You didn’t take off taxes from petroleum products and you know in the price build up over 40% is due to taxes. So if in your budget you couldn’t take off any taxes that will make sure that the price of petrol will come down, and you know when fuel comes down it affects a lot of sectors of the economy; transport, food, etc, health, everywhere,” he noted.
On Wednesday, November 15, 2023, Finance Minister Ken Ofori-Atta presented the government’s budget statement and economic policy for the year 2024 to parliament.
Titled the “Nkunim” (victory) budget, it delineated the government’s plans for social protection, job creation, and tax reduction measures.
Mr Ofori-Atta emphasized positive economic indicators during his presentation, asserting that the economy was on track with a smaller deficit than targeted in the first eight months of 2023.
Despite these points, the Finance Minister’s budget statement has faced criticism from various quarters, including the largest opposition party, the NDC, civil society organizations, and other stakeholders.
They argue that the budget has fallen short of expectations and neglected to address key factors vital for the country’s economic growth and recovery.