Minority Leader and Former Deputy Finance Minister, Cassiel Ato Forson, has taken a swipe at the Finance Minister, Ken Ofori-Atta for stating in the Mid-Year budget review that, the nation was on the road to recovery.
The legislator is adamant that the declaration is meaningless, especially since the Minister continues to borrow despite promises to stop.
On Monday, July 31, 2023, Mr. Ofori-Atta spoke before Parliament during the Mid-Year Budget Review.
Ken Ofori-Atta emphasized the noteworthy advancements made in Ghana’s economy since the country decided to approach the International Monetary Fund (IMF) for a bailout.
Speaking on the floor of parliament after the Minister’s presentation, Ato Forson retorted that the impression created by the Minister is false.
“He said that 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 had 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.”
