{"id":373265,"date":"2017-11-13T12:43:23","date_gmt":"2017-11-13T12:43:23","guid":{"rendered":"http:\/\/citifmonline.com\/?p=373265"},"modified":"2017-11-13T13:19:41","modified_gmt":"2017-11-13T13:19:41","slug":"ghana-may-return-to-hipc-by-2019-minority-cautions","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/11\/ghana-may-return-to-hipc-by-2019-minority-cautions\/","title":{"rendered":"Ghana may return to HIPC by 2019 – Minority cautions"},"content":{"rendered":"

The Minority in Parliament has chastised government\u2019s management of the economy citing the country’s rising public debt stock as a situation that can take Ghana back to HIPC [heavily indebted poor countries] by the end of 2019.<\/p>\n

They also warned that Ghanaians will experience\u00a0“severe hardship” equivalent to the 1983 experience.<\/p>\n

According to the Minority Spokesperson on Finance, Cassiel Ato Forson, contrary to what the governing New Patriotic Party (NPP) promised in opposition, they have done virtually nothing to keep to their promise of holding the country\u2019s debt stock in check.<\/p>\n

[contextly_sidebar id=”xINb3igNGEdBVNS1X39FGWo5g6z5Z6Wk”]Speaking at the Minority’s pre-budget economic assessment forum, Ato Forson indicated that, the country\u2019s debt to GDP ratio has hit over 76 percent.<\/p>\n

\u201cWhen the Energy Bond and the UT\/Capital Bank bond is added, the Debt-to-GDP will rise to 76.8 percent from 72.5 [inherited from the previous government]. Ghana is heading towards HIPC. Ladies and gentlemen, don\u2019t be surprised if by the end of 2019, we are declared HIPC,\u201d the MP for Ajumako-Enyan-Esiam constituency added.<\/p>\n

\u201cHow can you create jobs under severe austerity under fiscal consolidation? The budget deficit in IMF article 4 is projected to be 3.8, so ladies and gentlemen, next year, let us be assured that there will be severe austerity equivalent to 1983. How can you create jobs when you have mandated the central bank to pursue tight monetary policy? How can you create jobs when the real sector, the non-oil GDP, is projected to grow in 2018 almost at the same level as 2016?\u201d<\/p>\n

\u201cWe believe that unfortunately, government economic policy for 2018 will bring about severe hardship and Ghanaians must be well informed,\u201d he added.<\/p>\n

Ato Forson further warned government to desist from its intention to tax mobile money transactions as it would hit the country\u2019s many poor folks the hardest.<\/p>\n

\u201cGhanaians expect a reduction in the corporate income tax rate from 25 percent to 20% to be included in the 2018 budget statement. It is our expectation that government will follow through with the firm promise that they made and we hope that we are not going to see another 419 budget,\u201d the Minority spokesperson on Finance added.<\/p>\n

Finance Minister to present 2018 budget on Wednesday\u00a0<\/strong><\/p>\n

The Minister of Finance, Ken Ofori-Atta, is expected to present to Parliament the 2018 budget on Wednesday.<\/p>\n

President Nana Addo Dankwa Akufo-Addo, had revealed that the 2018 budget statement and fiscal policy will focus largely on job creation<\/strong><\/a><\/span> and also announce a downward review of electricity tariff<\/strong><\/a><\/span>.<\/p>\n

–<\/p>\n

By: Duke Mensah Opoku\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minority in Parliament has chastised government\u2019s management of the economy citing the country’s rising public debt stock as a situation that can take Ghana back to HIPC [heavily indebted poor countries] by the end of 2019. They also warned that Ghanaians will experience\u00a0“severe hardship” equivalent to the 1983 experience. According to the Minority Spokesperson […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[58,10,11],"tags":[11511,11582,3,69,11581],"yoast_head":"\nGhana may return to HIPC by 2019 - Minority cautions - Citi 97.3 FM - Relevant Radio. 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