30.3 C
Accra
Tuesday, May 28, 2024
NewsYou and your gov't spend money like there is no tomorrow -...

Date:

You and your gov’t spend money like there is no tomorrow – Ato Forson tells Akufo-Addo

spot_img

The Minority in Parliament has expressed its disapproval of the government’s recent decision to borrow GH¢7 billion from the treasury bills market to settle contractor payments not included in its budgetary allocations.

The Minority views this move as a troubling pattern of expanding expenditure beyond budget limits for political reasons, which they believe is exacerbating the depreciation of the Cedi against the dollar.

- Advertisement -

During a press briefing on Wednesday, May 15, Minority Leader Dr. Cassiel Ato Forson criticized the government’s spending practices, describing them as reckless, and called for stricter fiscal discipline.

Dr. Ato Forson, a former Deputy Finance Minister, highlighted the timing of these expenditures, noting that they come at a time when many Ghanaians are urging the government to rein in spending.

- Advertisement -

“They are on an expenditure spree, spending money as if there is no tomorrow. In the last few days, we are aware that they have paid approximately GH¢7 billion to contractors, off-budget contractors, off-budget expenditures, GH¢7 billion.”

“They borrowed from the T-Bill market, so they borrowed the money from ordinary Ghanaians then they paid this money to these contractors, and the contractors are also not certain so they have engaged in currency substitution.”

- Advertisement -

“The contractors got Cedis and went and changed it into US dollars and kept the money because of a lack of confidence in the economy.”

Latest stories

Nduom breaks down after seeing what remains of collapsed GN Bank offices

Chairman of Groupe Ndoum and former owner of the...

A dollar goes for GHS15.00 at forex, GHS19.70 for £1 at major forex bureaus

Today's Interbank forex rates from the Bank of Ghana,...

What happened to the parcel of land for NDC school in Oyibi ? – Anyidoho quizzes Asiedu Nketia

Ghanaian politician Koku Anyidoho has stirred up fresh controversy...

EC to hold special voting for 2024 elections on Dec. 2

The Electoral Commission (EC) has announced that special voting...

KATH Labour Unions kick against dismissal of CEO

Labour unions at the Komfo Anokye Teaching Hospital (KATH)...

Oil prices stabilize as OPEC+ supply cuts offset interest rate worries

Global oil prices stabilized on Tuesday, with the potential...

Related stories

Nduom breaks down after seeing what remains of collapsed GN Bank offices

Chairman of Groupe Ndoum and former owner of the...

What happened to the parcel of land for NDC school in Oyibi ? – Anyidoho quizzes Asiedu Nketia

Ghanaian politician Koku Anyidoho has stirred up fresh controversy...

EC to hold special voting for 2024 elections on Dec. 2

The Electoral Commission (EC) has announced that special voting...

KATH Labour Unions kick against dismissal of CEO

Labour unions at the Komfo Anokye Teaching Hospital (KATH)...

Effutu: NDC concerned of potential manipulation after EC’s abrupt transfer

Effutu constituency branch of the National Democratic Congress (NDC)...

Lands Minister inspects progress work on Minerals C’ssion’s ultra-modern office in Ashanti regional

The nearly finished ultra-modern, multi-purpose office complex being erected...

LEAVE A REPLY

Please enter your comment!
Please enter your name here