The dust has hardly settled on the 7 December election and already a much hackneyed phrase used whenever there has been a shift of political power has started to appear in our political discourse - "empty coffers."
President Akufo-Addo and Vice President Mahamadou Bawumia have in the past few days been making claims about the economy and the lack of monies in the state coffers. This is not unexpected. Governments taking over from another either through a coup d'etat or peaceful transition will always claim they met empty coffers. But really for the sake of the records, the only Government that met money in the coffers was the Nkrumah administration when it took over from the British, Since then Ghana has been running an economy based on deficit financing.
Government since Nkrumah has come to meet money in the "coffers".The coffers at any moment has money trickling in from taxes, duties, Levis etc. The truth is that by the end of the year, all the revenues collected do not meet expenditure. Government therefore have to borrow to finance the shortfall also referring to as the deficit.
When the NPP handed over to the Atta Mills administration, the budget deficit as a percentage of GDP stood at about 14%. This simply means that the country's expenditure exceeded all revenues collected in the national kitty during the year by 14% of GDP.
All Government have to raise revenue to finance their budgeted expenditure using various taxes, export revenues etc. Any shortfall which is described as the deficit is financed through borrowing either on the domestic market or international credit market, euro bond etc.
The Mahama administration has left office with a deficit of 7% of GDP. This is much better than the 12% inherited from the Atta Mills administration and definitely much better than the 14% inherited from the Kufuor administration.
Source: Daily Post
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you people knew what happened in Ghana
THE DAILY GARBAGE (POST) CAN'T GAG NANA ADDO AND THE NPP FROM LETTING GHANAINS KNOW THE DEPLORABLE AND LOOTED STATE OF OUR COFFERS BEFORE PROCEEDING TO OVERHAUL IT. MAHAMA AND HIS ***barred word*** GANG RAPED GHANA'S TREASURY AND IT WILL BE UNFAIR FOR ANY GROUP TO TRY TO SILENCE NANA ADDO AND HIS ADMINISTRATION FROM COMPLAINING. REGARDLESS OF THE SHAME AND DISGRACE THAT MAHAMA WILL BE SMEARED WITH, THE NPP HAS EVERY RIGHT TO PUT THE DISTASTEFUL NEWS OUT THERE FOR PUBLIC CONSUMPTION. THE NPP WILL BE ***barred word*** ON THE PART OF THE NPP TO KEEP MUTE OVER THIS UNPRECEDENTED ***barred word*** AND MASSIVE MISSAPPROPRIATION OF STATE RESOURCES. I'VE NO DOUBT ABOUT THE CONFIDENCE AND ABILITY OF NANA ADDO & CO DELIVER TO SHAME THE NDC ATTACKING DOGS WHO ARE AFRAID OF THEIR IMMINENT PROSECUTION AND INCACERATION....
THE DAILY GARBAGE (POST) CAN'T GAG NANA ADDO AND THE NPP FROM KNOWING THE DEPLORABLE AND LOOTED STATE COFFERS BEFORE PROCEEDING TO OVERHAUL IT. MAHAMA AND HIS ***barred word*** GANG RAPED GHANA'S TREASURY AND IT WILL BE UNFAIR FOR ANY GROUP TO TRY TO SILENCE NANA ADDO AND HIS ADMINISTRATION FROM COMPLAINING. REGARDLESS OF THE SHAME AND DISGRACE THAT MAHAMA WILL BE SMEARED WITH, THE NPP HAS EVERY RIGHT TO PUT THE DISTASTEFUL NEWS OIUT THERE FOR PUBLIC CONSUMPTION. THE NPP WILL BE ***barred word*** ON THE NPART OF THE NPP TO KEEP MUTE OVER THIS UNPRECEDENTED ***barred word*** AND MASSIVE MISSAPPROPRIATION OF STATE RESOURCES. I'VE NO DOUBT ABOUT THE CONFIDENCE AND ABILITY OF NANA ADDO & CO DELIVER TO SHAME THE NDC ATTACKING DOGS WHO ARE AFRAID OF THEIR IMMINENT PROSECUTION AND INCACERATION....
Wrong, Attah Mills didn't meet empty coffers.
You wait, you will account for all the monies you spent on campaign and share
dr kwame nkrumah didn't meet empty coffers!!!!
noumah never met empty coffers, i lie?t every govt meets empty coffers. dr kwame nkr
Daily Post again? Very sad indeed. What about the national debt? Mills/Mahama came to meet a debt of 9.5 billion Ghana Cedis in 2009 and Mahama left a debt of 120 billion 1n 2017. Again check your facts; the Npp left a deficit of 6.5% of GDP in 2009 and Mahama has left 7% deficit. So what are you talking about? I hope you will extricate yourself from the "rented press" tag and turn on a new leaf. Change has come, join.
7%, and what is the debt now compared to previous gov'ts? mr. know all
SO DAILY POST, WHERE DID YOU GET YOU FIGURES? ELECTIONS HAVE BEEN WON & LOST,PLS. YOUR PROPAGANDAR.