{"id":80614,"date":"2015-01-08T18:53:23","date_gmt":"2015-01-08T18:53:23","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=80614"},"modified":"2015-01-08T18:57:51","modified_gmt":"2015-01-08T18:57:51","slug":"2015-budget-hopeless-minority","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/01\/2015-budget-hopeless-minority\/","title":{"rendered":"2015 budget \u2018hopeless\u2019 – Minority"},"content":{"rendered":"

The Minority in Parliament has described the\u00a02015 budget<\/strong><\/a><\/span> statement as a “hopeless” one that will not guarantee Ghana\u2019s economic transformation.<\/p>\n

Addressing a news conference on Thursday on the general economic situation in Ghana, Minority Leader, Osei Kyei Mensah Bonsu said the 2015 budget statement will not in any way transform the economy of Ghana as being touted.<\/p>\n

[contextly_sidebar id=”LNeNLJCOfBa4rwBEJ1VYH8jrtGbwCfkI”]He argued that the constitution mandates the president to ensure fair remuneration, boost private sector, enhance development and promote robust agricultural development but the 2015 budget failed to address it saying \u201cthat is why it [budget] should count as meaningless to the ordinary Ghanaian.\u00a0At the end of the day if the fundamental problem of the economy is not dealt with the threat to macroeconomic stability of the country going, forward \u00a0\u00a0will not abate.\u201d<\/p>\n

The Minority\u00a0Leader\u00a0also expressed worry at the increasing spate of borrowing by government insisting that\u00a0if care is not taking, President John Mahama’s administration will lead the country into an abyss.<\/p>\n

\"Minority<\/a>
Minority in Parliament<\/figcaption><\/figure>\n

He observed that the stock of public debt has risen dramatically to GH\u00a270 billion representing 60.8% of GDP as at September 2014 adding that \u201cthis is an increase in the debt stock by GH\u00a260.5 billion… This also represent an increase in the debt stock by 636% over a six year period, an average increase in the debt stock by 106.14% every year under the NDC regime.\u201d<\/p>\n

\u201cGhana is clearly on the way back to the unsustainable debt level that pushed the country to HIPC. If the current borrowing binge \u00a0continuous it will only be a matter of time before the international rating agencies will classify Ghana as a country with high risk of debt distress,” he noted.<\/p>\n

According to Osei Kyei Mensah Bonsu, “The consequences of this classification would compromise Ghana\u2019s ability to raise further financing from the international capital market and worst still disable the country from servicing and paying our debts.\u201d<\/p>\n

Meanwhile, the Minister of Finance during his presentation of the budget statement to Parliament in November 2014 described it as one that will turn Ghana’s fortunes around<\/strong><\/a><\/span>.<\/p>\n

–<\/p>\n

By: Godwin Allotey Akweiteh\/citifmonline.com\/Ghana<\/p>\n

Follow @AlloteyGodwin<\/a>
\n