The Minority Leader, Cassiel Ato Forson, has labelled Finance Minister, Ken Ofori-Atta‘s comments about Ghana’s improving economy “false and misleading.”
During the 2023 Mid-Year Budget Review in Parliament on July 31, Mr. Ofori-Atta asserted that Ghana was making modest gains in turning the economy around after facing severe economic hardships in 2022.
He highlighted the positive results of the government’s plans and programs and called on the nation to recognize the achievements of the past three years.
In response, Dr. Ato Forson contested the Finance Minister’s statements and presented evidence to the contrary.
He expressed concerns about the current state of the economy, citing a downward revision of economic growth from 2.8% of GDP to 1.5% of GDP, indicating a slower recovery than expected.
Additionally, he criticized the government for borrowing significant amounts from the T-Bill market, despite earlier assurances of not borrowing in 2023. He also attributed the depreciation of the Cedi to defaults in the payment of external interest and principal.
Dr. Ato Forson argued that, contrary to the Finance Minister’s claims, the situation has worsened under the Akufo-Addo government.
“The performance so far shows that we have turned the corner. Unfortunately, the evidence and the numbers before us, show us that he has rather deepened our woes,” Cassiel Ato Forson said.
“I say this because he has said to us today that he’s revising economic growth from 2.8% of GDP to 1.5% of GDP. Again, he said to us here and now that he has borrowed 5.5 billion Ghana cedis from January to June, from the T-Bill market. Mr Speaker, not long ago, this same Minister informed us that he will not borrow at all in the year 2023. And that going into the remaining parts of the year, he is going to borrow another 41 billion Ghana cedis.”
“Aside from that, the Cedi depreciation we are seeing so far, it’s largely because we have defaulted in the payment of external interest and principal. That is why the cedi has depreciated.”