The former Deputy Finance Minister, Mona Quartey, has criticized the government’s decision to revise the Appropriation Bill from GH¢227.7 billion to GH¢206 billion, stating that it should not be considered a significant economic achievement.
According to her, the government is already facing financial constraints and has no choice but to be cautious in its spending.
The government has defended the GH¢20 billion cut in expenditure, arguing that it is sufficient for the current state of the country and, therefore, a supplementary budget was not required during the budget review.
The government has seen improvements in tax revenue during the first six months of the year and is on track to meet its targets for the year.
However, oil revenues fell short of expectations due to changes in global prices, leading to the downward revision of expenditure to align with the underperformance of some revenue sources.
In response to the government’s claims, Mona Quartey pointed out ongoing challenges in the economy, such as the Domestic Debt Exchange Programme repayment and Ghana’s exclusion from the capital market.
She argued that the country is still struggling financially and emphasized that the downward revision in growth rate came after a period of sluggish growth, further indicating the economic difficulties faced by the nation.
Mona Quartey also praised the government for not introducing new taxes, which provided some relief to the public.
However, she expressed disappointment over the lack of significant progress in infrastructure development, especially in the area of transportation, given the country’s massive infrastructure deficit.
In summary, Mona Quartey’s remarks highlight her concerns about the government’s management of the economy, pointing out the existing financial challenges and calling for more substantial efforts in infrastructure development.