{"id":71003,"date":"2014-12-03T18:20:54","date_gmt":"2014-12-03T18:20:54","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=71003"},"modified":"2014-12-03T18:25:20","modified_gmt":"2014-12-03T18:25:20","slug":"minority-demands-account-loans-millsmahama","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=71003","title":{"rendered":"Minority demands account of all loans under Mills, Mahama"},"content":{"rendered":"<p>The Minority in Parliament are demanding a comprehensive account of all loans secured by the Mills and Mahama governments since 2009.<\/p>\n<p>According to Minority leader, since 2009, the National Democratic Congress (NDC) administration has borrowed over $27 billion and the 2015 budget statement which was presented to Parliament last month enumerated a number of signature projects that have been financed by these borrowings since 2009.<\/p>\n<p>\u201cThese include: \u2026the total expenditure of which come to $3.5 billion out of the $27 billion borrowed. So where is the rest of the money? How do you account for the $23.5 billion, Mr. Minister?\u201d he asked.<\/p>\n<p>[contextly_sidebar id=&#8221;eE4k4QtRGWko8XMxNZjghLfO4TPcBGv1&#8243;]Osei Kyei Mensah Bonsu on behalf of the Minority in Parliament is therefore demanding that the Minister of Finance should provide the House and the people of Ghana with a \u201ccomprehensive list\u201d of all the projects financed by domestic and external borrowing and the respective amounts involved since 2009.\u201d<\/p>\n<p>This, he said will ensure proper accounting for the \u201cstaggering increase in the debt stock.\u201d<\/p>\n<p>The Minority leader made these submissions on the floor of Parliament on Wednesday in his closing remarks on the debate over <a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/11\/19\/live-updates-finance-minister-presents-2015-budget-statement\/\" target=\"_blank\"><span style=\"color: #666699;\"><strong>2015 budget statement and economic policy<\/strong><\/span><\/a> which was presented to Parliament by the Finance Minister, Seth Tekper on November 19.<\/p>\n<p>In his closing remarks, he accused the government of \u201cover borrowing\u201d and questioned why recent loan agreements which had been approved by the House were conspicuously missing from the nation\u2019s \u201crather humongous debt stock.\u201d<\/p>\n<p>According to him, its inclusion will probably increase the debt stock to about GH\u00a280 billion.<\/p>\n<p>The Minority Leader cautioned that if the current rate of borrowing continues, &#8220;Ghana shall, before long, plunge into the league of countries with high risk of debt distress which will then disable us from raising financing from the international capital market.\u201d<\/p>\n<p>He has thus charged citizens to \u201croll up our sleeves and put our shoulders to the wheel\u201d to save the nation from \u201csinking\u201d because \u201cboth the driver and the mate have clearly indicated to all of us that they are clueless in the face of such gargantuan maladministration.\u201d<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Find below the full statement read by the Minority leader on the 2015 budget <\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>MINORITY LEADER\u2019S WINDING UP ON THE 2015 BUDGET STATEMENT AND ECONOMIC POLICY\u2026.DECEMBER 3, 2014<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>Mr. Speaker:<\/p>\n<p>Thank you very much for this opportunity to wind up for the NPP Minority group in Parliament on the motion: \u201cThat this House approves the financial policy of the Government for the year ending December 31, 2015.<\/p>\n<p>The Budget Statement and economic policy for 2015 was brought to this House in accordance with Article 179 of the constitution.\u00a0 That is as it should be.\u00a0 The President on behalf of the state is required under Article 36(1) to \u201cTake all necessary action to ensure that the national economy is managed in such a manner as to maximize the rate of economic development and to ensure the maximum welfare freedom and happiness of every person in Ghana and to provide adequate means of livelihood and suitable employment and public assistance to the needy.<\/p>\n<p>\u201cClause 2 of that article which deals with the steps to establish a sound and healthy economy strands out critical issues like:<\/p>\n<p>guaranteeing fair and realistic remuneration to encourage higher productivity.<\/p>\n<p>fostering an enabling environment to boost the private sector<\/p>\n<p>undertaking even and balanced development of every part of all regions, especially improving the living conditions in the rural areas.<\/p>\n<p>promoting the robust development of agric and industry, among others.<\/p>\n<p>Mr. Speaker, these are the yardsticks that one must apply to assess the economic policy of the NDC government as expressed in the 2015 Budget Statement.<\/p>\n<p>It is important to state at the outset in pursuit of the above that the constitution obligates the President to Present to Parliament within 2 years after assuming office, a coordinated progromme of economic and social development policies that will drive his budgets.\u00a0 This is the demand of Article 36(5).\u00a0 The 2<sup>nd<\/sup> year of President Mahama\u2019s administration ends on January 6, 2015.\u00a0 On that 6<sup>th<\/sup> day of January Parliament will not be in session which is why all the Presidents in the 4<sup>th<\/sup> Republic have served Parliament with this document in the 2<sup>nd<\/sup> and 3<sup>rd<\/sup> meetings of the 2<sup>nd<\/sup> Session.\u00a0 But not, unexpectedly, President John Mahama has failed this test, is about to fail this test.<\/p>\n<p>Mr. Speaker, the <strong>theme<\/strong> for this 2015 Budget Statement and Economic Policy is \u201cTransformational Agenda: Securing the Bright Medium Term Prospects of the Economy\u201d.\u00a0 The word \u201cSecure\u201d means \u201cto be free from danger, trouble, worry or uncertainty\u201d\u00a0 That is according to Chambers 21<sup>st<\/sup> Century Dictionary.\u00a0 The President has since 2013 been assuring all who care to listen to him that the \u201cmedium term prospects of the (country\u2019s) economy are bright\u201d.\u00a0 In the context of that declaration, \u201c<strong>securing <\/strong>the bright medium term prospects of the economy\u201d which is the theme of the budget can only mean, that in the eyes of the President, the budget seeks to \u201cfirmly fix\u201d or \u201cfirmly assure of the custody\u201d of the bright medium term prospects of the economy.<\/p>\n<p>The President indicated in his 2014 \u201cState of the Nation Address that \u201cour economic fundamentals remain sound and the mid-term prospects are bright\u201d.\u00a0 The President buttressed his bold declaration with statistics on economic growth.\u00a0 If one were to assume rather erroneously, as the President did, that economic growth rate alone make up economic fundamentals, then it becomes relevant to yield to facts to enable one to properly judge the President\u2019s descriptions of the state of our economy which this budget statement borrows a leaf from.<\/p>\n<p><strong>GDP GROWTH INDEX<\/strong><\/p>\n<p>The GDP growth rate which was inherited by President Kufuor was 3.7%.\u00a0 In 2001 the GDP grew at 4.2%; in 2002 it grew at 4.5% rising to 5.2% in 2003 and to 5.6% in 2004.\u00a0 It rose to 5.9% in 2005; 6.4% in 2006; 6.3% in 2007 and to 7.3% in 2008 which was later reviewed to 8.4% after the rebasing of the economy.\u00a0 This is steady growth and this steady growth occurred without the benefit of crude oil exports.\u00a0 Mr. Speaker, this is how a really sound economic growth aggregate looks like.\u00a0 Now compare with the rather convulsive growth rates achieved under the Mills-Mahama administration.\u00a0 In 2009 GDP growth rate climbed down to 4.0; in 2010 it grew at 8.0 and upped to 14.4% in 2011 when, for the first, time oil revenues hit the nation\u2019s coffers.\u00a0 It is important to underscore that the non-oil sector registered 7.8%.<\/p>\n<p>We were told the GDP (with oil) grew at 7.6% in 2013.\u00a0 The figure was later reviewed downwards to 5.8% with the non-oil sector registering 4.1%.\u00a0 In 2015 the GDP growth rate of 2013 has been revised again to 7.6% and the 2014 growth rate is 6.9% (ref. page 11 of the 2015 budget).\u00a0 All these rebased figures since 2011 have oil components.\u00a0 What is crystal clear is that the non-oil sector of the economy has never managed to grow at 8.4% since 2009 under the Mills-Mahama administration inspite of the pontifical high mass that they have every year organized to celebrate what they deem as bright economic prospects.<\/p>\n<p><strong>OTHER INDICATORS<\/strong><\/p>\n<p>Mr. Speaker, let us consider the other economic indicators:\u00a0 <strong>Depreciation:<\/strong>\u00a0 The cedi depreciated by 17.6% in the first quarter alone this year.\u00a0 As at the end of August 2014 the cedi had depreciated by over 90% since December 2013.\u00a0 As we speak now the cedi has made some recovery from \u00a23.85 to $1 to \u00a23.20 and that represents a real depreciation of over 65% even though we are told that officially it is about 31%.\u00a0 I believe the GSS may have to tell us what the basis of their calculation is. For in December 2013 the exchange rate was GH\u00a21.95 to US$1 and the 2014 budget projected that the cedi will get to GH\u00a22.25 to US$1 in December 2014. Today, it is GH\u00a23.20 to US$1.<\/p>\n<p>In the 8-year administration under President Kufuor the cedi, from GH\u00a20.72 to GH\u00a21.1 to US$1, depreciated by 53%.\u00a0 Six years into the NDC administration the cedi has depreciated by 195.5% and we are still counting.<\/p>\n<p>Mr. Speaker <strong>interest rates<\/strong> now hover around 30%; our <strong>gross international<\/strong> reserves we are told have since August 2014 recovered from 2.2 months to 3.3 months but the net reserves is far less than three weeks.\u00a0 Our trade deficit was US$1.3billion.\u00a0 The country\u2019s <strong>fiscal deficit and current account deficit<\/strong> have all escalated since 2008.\u00a0 Indeed 2014 represent the third year in a row that the country has had a twin fiscal deficit and current account deficit.\u00a0 The <strong>public debt stock<\/strong> is over GH\u00a270billion from GH\u00a29.5billion in December 2008.<\/p>\n<p>Mr. Speaker, there are recent loans that Parliament has approved which are not included in this rather humongous debt stock.\u00a0 If these are added we probably shall be talking about a debt stock of close to GH\u00a280billion.\u00a0 Even at GH\u00a270billion it means each Ghanaian, including the child delivered as I speak now, owes GH\u00a23,500.\u00d8\u00d8.\u00a0 Last year at this time the burden for every Ghanaian was GH\u00a22,000.\u00a0 One year on, the <strong>debt per capita<\/strong> has increased by 75%, no thanks to \u201cy1ntie obi ara\u201d government.<\/p>\n<p>Mr. Speaker, the 2008 debt stock of GH\u00a29.5billion represented 33% of GDP.\u00a0 Today, 6 years into the Mills-Mahama administration the GH\u00a270billion debt stock is almost 7\u00bd times or indeed 636% increase in the debt stock. The debt stock has risen to 60.8% of GDP as at September 2014. <strong>Inflation, meanwhile,<\/strong> has risen to 17%.<\/p>\n<p>The country is over borrowing and astronomically increasing our debt pile up which has crossed the 60% threshold that developing countries with limited access to capital flows should worry about in terms of debt sustainability. If the current rate of borrowing continues Ghana shall, before long, plunge into the league of countries with high risk of debt distress which will then disable us from raising financing from the international capital market.<\/p>\n<p>Mr. Speaker these represent the gory circumstances of our economic fundamentals and if these represent bright prospects for the economy the gloomy prospects of which must be secured, then we need God Almighty to rescue us.<\/p>\n<p><strong>ACCOUNTING FOR BORROWED MONIES<\/strong><\/p>\n<p>Since 2009 the NDC administration has borrowed over $27 billion. This is besides oil and tax revenues. No government in Ghana\u2019s history has been so lucky. Unfortunately, whilst borrowing revenue inflow have increased, capital expenditure as a percentage of GDP has drastically declined. \u00a0The evidence is that over 90% of the increase in government spending has been for recurrent expenditure. In the 2015 budget the Minister of Finance has enumerated a number of signature projects that have been financed by these borrowings since 2009. These include: \u2026the total expenditure of which come to $3.5 billion out of the $27 billion borrowed. So where is the rest of the money? How do you account for the $23.5 billion, Mr. Minister? We on this side of the House, will immediately file an urgent question for the Minister of Finance to provide the House and indeed the people of this country with a comprehensive list of all the projects financed by domestic and external borrowing and the respective amounts involved since 2009 to enable a proper accounting for the staggering increase in the debt stock.<\/p>\n<p><strong>WAMZ Countries<\/strong><\/p>\n<p>Mr. Speaker, the 2013 economic growth in countries in the West African Monetary Zone (WAMZ) most of which are non-oil producing averaged 6.7%.\u00a0 The countries in that league are The Gambia, Guinea, Sierra Leone, Liberia, Ghana and Nigeria.\u00a0 In 2013 Ghana\u2019s non oil sector grew at 5.8% which was less than the average growth in the sub-region.\u00a0 In 2013 Ghana placed last in the WAMZ league as it was the only country to have met only 3 out of the 10 primary and secondary criteria.\u00a0 Indeed, by December 2013 the country slipped on \u201cexchange rate stability\u201d and \u201dreal interest rate\u201d and hence at the close of 2013 we met only one of the 10 criteria.\u00a0 That singular criterion was that the \u201cCentral Bank (BoG) financing of the country\u2019s deficit for 2013 was less than 10% of the previous year\u2019s tax revenue\u201d.\u00a0 Ghana\u2019s abysmal record of fiscal year 2013 was the worst performance by Ghana in 20 years.\u00a0 Accordingly, we took government to task on this.\u00a0 For 2014 the provisional GDP growth rate for the WAMZ countries in the sub-region is about 6% Non-oil producing countries!!<\/p>\n<p>Mr. Speaker, the Minister of Finance, for the first time since I have been in Parliament has refused to present the table of performance of the country in the WAMZ league in the Budget document.\u00a0 The reason is simple.\u00a0 The picture will represent a bitter truth to government and the country and hence, for them, it is better not to show it at all.\u00a0 Mr. Speaker, truth is like cork and a responsible government which is committed to transparency, probity and accountability must not hide anything from the citizens.\u00a0 The cardinal principle of good budgeting is transparency. All relevant information for sound budgeting should be available in an accessible format. Budget information must be accurate, reliable and comprehensive. What is the government afraid of? Let the people know the truth.<\/p>\n<p><strong>Mr. Speaker; <\/strong>we are told in paragraph 131 of the budget statement that the <strong>transformational agenda rests on three strategic interventions namely:<\/strong><\/p>\n<p>strengthening and deepening the essential elements and institutions of good governance\u2026. Parliament is the bastion of democratic governance\u2026 How has Parliament been strengthened in the budget?\u00a0 The Electoral Commission is an essential institution in good governance\u2026How has that\u00a0 institution been resourced in this budget?\u2026Charity, they say begins at home.\u00a0 Parliamentary democracy is not strengthened if their request is decimated.\u00a0 I know the Electoral Commission has not been allocated resources to perform some critical activities which they need to do in 2015 preparatory to the 2016 General and Presidential elections. The sign posts are emerging. Mr. Finance Minister, do what is right before December 2016. Nobody should have any cause to complain again!!<\/p>\n<p>Promoting export-led growth through products that build up on Ghana\u2019s comparative strength in agricultural raw materials is the second of three strategies interventions.\u00a0 Mr. Speaker, there has been a paradigm shift in international economy and geopolitics: the discourse now is on competitive advantage and no longer comparative advantage or strength.<\/p>\n<p>and<\/p>\n<p>The third is \u201canchoring industrial development through prudent use of natural resources based on locally processed value addition.<\/p>\n<p><strong>AGRICULTURE<\/strong><\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>Mr. Speaker, the second strategic intervention that government intends to make is in the area of agriculture\u2026to promote export-led growth.\u00a0 The question to ask is which agricultural product is government piloting in this promotion?\u00a0 \u00a0\u00a0The budget mentions only one agric product, cotton (Ref. Par. 351). \u00a0If we want to stimulate growth in the cotton industry, then we need to be more scientific. The yarns of cotton produced in Ghana are short and twining comes with additional expenditure. This is why the Akosombo, Juapon and Tema Textile companies, even in the sixties had to import long-yarned cotton from Egypt and Sudan. Mr. Speaker, <strong>re-afforestation<\/strong> has almost collapsed whilst <strong>logging has gone into high gear<\/strong>, contributing 16.5% in the overall agricultural growth of 5.3% in 2014.\u00a0 It should tell us that we are fast depleting our forest cover.\u00a0 Mr. Speaker, at the turn of the 20<sup>th<\/sup> Century the forest cover of Ghana was 8.5million hectares.\u00a0 Today, the forest cover is less than 700,000 hectares and that is in spite of all pretensions to the country.\u00a0 In 2014 there were many reported cases of chainsaw activities and illegal lumbering.\u00a0 I am not sure anybody heard of new acreages of degraded lands being re-afforested!<\/p>\n<p>Mr. Speaker, if we must admit it, agriculture is not doing well (ref. pg.12).\u00a0 Agric is not doing well because of the paltry budgetary allocation to agric.\u00a0 In December 2013 we lamented the fact that only 1.07% of total budgetary allocation went to agriculture in 2014 that is excluding the ABFA from the Petroleum Fund.\u00a0 This explains why in 2014 $1.5billion of foodstuffs was imported into the country against a food import bill of $600 million in 2008.<\/p>\n<p>The import of fish poultry, tomatoes, cooking oil, have all almost doubled between 2008 and 2014.<\/p>\n<p>The Accra plains and Afram Plains irrigation projects which have the potential of positively in impacting food security have remained on the books.\u00a0 The 2009 \u2013 2013 budget documents all mentioned these projects.\u00a0 The 2015 document mentions the development of Accra plains in line with tradition but that is all what there is to it as it has been since 2009 (ref. par 347).<\/p>\n<p><strong>INDUSTRY<\/strong><\/p>\n<p>Mr. Speaker, the third strategic intervention relates to industrial development through prudent use of national resources.\u00a0 High fallutin \u00a0pontifications!\u00a0 The plain truth is that industry is not doing well.\u00a0 Industry was targeted to grow at 6.8% in 2014 from the high 11% growth in 2012.\u00a0 It grew at 4.6% and that was driven by petroleum activities which grew at 18.2% (par 44).\u00a0 Manufacturing grew at negative 8.0%.\u00a0 Construction grew at 12.8% but employment in construction is usually short-term and transitional.\u00a0 The real deal is in manufacturing which is not doing well.<\/p>\n<p>Manufacturing industry is not doing well because of lack of access to credit; high interest rates where they are able to access credit; high cost of utility services and, especially, the incessant power outages.\u00a0 Mr. Speaker, the depreciation of the cedi is worrying to industry.\u00a0 In that sense the platform to stabilize industry has not yet been created, so using industry to secure the bright prospects of the economy in 2015 can only be a mirage.<\/p>\n<p><strong>LOW INVESTOR CONFIDENCE<\/strong><\/p>\n<p>Mr. Speaker, the rising cost of doing business, occasioned by the huge taxes, lack of access to credit, high interest rates, \u201cdumsor\u201d \u201cdumsor\u201d, rising inflation, high utility tariffs, a weakening currency all point to a clear case of declining consumer and investor confidence in the system and one would have thought that the budget would have devised and introduced ingenious ways to stimulate growth in investor and consumer confidence. Alas, there is none!<\/p>\n<p><strong>EMPLOYMENT<\/strong><\/p>\n<p>Mr. Speaker, where agriculture and industry are not doing well employment cannot be generated. We need to provide employment to increase productivity and generate growth yet there are no new bold measures in this direction.<\/p>\n<p><strong>INFRASTRUCTURE<\/strong><\/p>\n<p>On infrastructure the Minister of Energy asserted in his presentation, that in government the NPP did not add a megawatt to the electricity generation capacity.\u00a0 The Ranking Member, Hon. K.T. Hammond was sufficiently agitated and he poured his heart out. \u00a0Uthman dan Fodio is the one who said \u201cconscience is an open wound which only truth can heal\u201d. For the avoidance of doubt the following plants were started or added during NPPs 8-years in power.<\/p>\n<p>VRA plant \u2013 Tema. Funded by government<\/p>\n<p>Whilst we are at this, Mr. Speaker, it may be important for the nation to know why inspite of the fout that the price of Brent crude and light crude have dropped to $66 and $62 per barrel respectively, the price of petroleum products locally have not commensurately responded? Has the automatic Price Adjustment Formula been abandoned?<\/p>\n<p>By way of emphasis let me also strongly indicate to GNPC that they cannot take the law unto themselves. A fully subvented state enterprise cannot use revenues due to the State as collateral to secure loans. The PRMA allows only the State to use our oil revenues as collateral. That privilege is not extended to any corporation, regardless of its status. We will stand up against that misadventure.<\/p>\n<p><strong>EDUCATION<\/strong><\/p>\n<p>We need to strenuously work to achieve MDG2.\u00a0 Beyond that, one would have thought that having established the three strategic nodal areas of intervention the budget for transformation was going to provide the connect between how education would feed into the strategic needs of the economy.\u00a0 In other words, how would education positively impact efficiency of labour force in both agriculture and industry?<\/p>\n<p>Mr. Speaker, whilst the budget for the education sector has increased by 15.9% over the 2014 allocation inflation over the same period was 16.9% whilst the depreciation of the cedi is in excess of 60%.\u00a0 In real terms, therefore, there is negative increase in funding education.\u00a0 In the event, investment in education may suffer as personnel emolument cannot touched.<\/p>\n<p>The Chairman of the Committee on Education made some noteworthy observations.\u00a0 He said 25% of the entire budgetary allocation goes to education i.e. <strong>GH\u00a25.8billion <\/strong>in 2014 and <strong>GH\u00a26.74billion <\/strong>in 2015, yet these do not reflect in the performance of pupils in public schools due in particular to poor management and administration as well as poor supervision of and output from teachers.\u00a0 That explains why even when gross enrollment rate is rising at the level of basic education the dropout rate at the JHS and SHS level is getting rather alarming.\u00a0 The Ranking Member on Education has related to this.\u00a0 He also related to arrears in GETFUND, School Feeding, Capitation Grant and the salaries of new Teacher recruits. \u00a0The combined effect is the lowering of morale.\u00a0 He also alluded to the many strikes: POTAG, UTAG, NAGRAT, TEWU etc.\u00a0 These will negatively impact the performance of pupils and students.\u00a0 Government must show concern.<\/p>\n<p>Mr. Speaker, colleagues who have spoken before me have been most eloquent about difficulties in almost all the sectors: Road, health, works and housing, local government, Trade, Defence &amp; Interior, Youth, Sports and Culture, Communications, etc.\u00a0 I guess we shall have some more time to deal with the sectors in the consideration of their estimates.<\/p>\n<p><strong>CORRUPTION<\/strong><\/p>\n<p>Let me conclude, on issues of corruption that have lately befuddled our governance system.\u00a0 Yesterday the Ghana Integrity Initiative, the local chapter of Transparency International launched their report on 173 countries.\u00a0 Ghana placed high on the list of corrupt countries scoring less than 50 points.\u00a0 The issues they related to include recovering so-called judgment debts that have been wrongfully paid; gathering the political will to prosecute cases of corruption in high places; SADA, GYEEDA, SUBA matters, among others.\u00a0 One could only have been sorely disappointed when the President plaintively declared that (government) \u201cwill introduce new rules and deploy systems to strengthen expenditure management which will reduce waste and corrupt practices (ref. par 886)\u201d.\u00a0 How, when, where we are not told!\u00a0 Empty rhetorics!!\u00a0 Yet corruption has become a canker.<\/p>\n<p>Mr. Speaker, we are told in paragraph 196 that the National Security \u201cCouncil provides 24 hour protection to the Executive,\u201d and other bodies.\u00a0 The Judiciary is not mentioned, the Legislature is not mentioned\u2026 That is how National security understands \u201cprotection\u201d.\u00a0 No wonder, the Judges and Parliamentarians are not accorded the best of treatments.<\/p>\n<p><strong>NARCOTICS<\/strong><\/p>\n<p>Mr. Speaker on the way forward in fighting trade in narcotics we in the NPP minority have proffered suggestions:<\/p>\n<p>NACOB must be overhauled<\/p>\n<p>The Bill to turn NACOB into a Commission prepared in 2008 must come to Parliament as soon as possible.<\/p>\n<p>The position of the Executive Secretary of NACOB must be taken from politicians and revert to professional intelligence operatives.<\/p>\n<p>Cooperation in the operation West Bridge must be deepened.<\/p>\n<p><strong>EUROBOND<\/strong><\/p>\n<p>Government has not missed any occasion in announcing the success it has chalked in procuring the Eurobond.\u00a0 Issues have been raised about what has become of it.\u00a0 Can the Minister let us know where the amount procured is located, and what is intended to be done with it and what is happening to it, wherever it is.<\/p>\n<p><strong>STATUTORY PAYMENTS<\/strong><\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>We on the Minority side have drawn attention to the breach of the statutory provisions with respect to the non-payment of Social Security contribution by government as of September 2014. DACF and GETFUND.\u00a0 As has been before we expect the Minister to seek explicit approval from Parliament to be allowed to pay these arrears by a specified time period.\u00a0 In addition the Minister should assure Parliament that going forward he will be in compliance with the various Acts and provide quarterly reports to Parliament on the status of implementation.<\/p>\n<p><strong>CONCLUSION<\/strong><\/p>\n<p>All told, Mr. Speaker, the nature, character, form and shape of the 2015 budget is anything but TRANSFORMATIONAL.\u00a0 The short term prospects of the economy are gloomy, the Medium Term prospects have no proper foundation hence the medium term cannot be bright.\u00a0 The Transformational Agenda can only be a forlorn hope without any basis.\u00a0 But fellow Ghanaians let us all come together to rescue this sinking ship, as clearly a sinking fund cannot do it.\u00a0 Let us all roll up our sleeves and put our shoulders to the wheel especially since both the driver and the mate have clearly indicated to all of us that they are clueless in the face of such gargantuan maladministration.<\/p>\n<p>Mr. Speaker, thank you once again.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>By: Efua Idan Osam\/citifmonline.com\/Ghana<br \/>\n<a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/osamidan\" data-show-count=\"false\">Follow @osamidan<\/a><br \/>\n<script type=\"text\/javascript\">\/\/ <![CDATA[\n!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=\/^http:\/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.crea   teElement(s);js.id=id;js.src=p+':\/\/platform.twitter.com\/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs');\n\/\/ ]]><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Minority in Parliament are demanding a comprehensive account of all loans secured by the Mills and Mahama governments since 2009. According to Minority leader, since 2009, the National Democratic Congress (NDC) administration has borrowed over $27 billion and the 2015 budget statement which was presented to Parliament last month enumerated a number of signature [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":67025,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[5],"tags":[43,38],"class_list":["post-71003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-foresight-medical-center","tag-palaver-newspaper"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/71003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=71003"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/71003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/67025"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=71003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=71003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=71003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}