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.
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.
“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.”
“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.”