The Minister of Finance, Ken Ofori- Atta says money being pumped into the building of National Cathedral is potential investment which will pay off.
According to him, government is mindful of taxpayers’ money being used to support the building of the National Cathedral and is strategizing to ensure that monies pumped into the construction are recouped within the shortest possible time after construction.
He believes that the current economic challenges should not deter the state from fulfilling its responsibility to build a monument that has huge investment potential.
The Finance Minister has therefore implored critics of the National Cathedral project to be measured in their criticisms
“At any point in time when these buildings were built in Europe, was it ever the right time? How do we fund it will become the question. Is the executive mindful of the current situation? We shouldn’t snuff out our religiousness or spirituality because we are poor. The Lord will understand if we put our widows mite in there”, Ken Ofori-Atta said on GTV Talking Point programme on Sunday.
Some Ghanaians are against the construction of the National Cathedral and want Government to abort its ambition for the project as a result of the country’s economic downturn and tough times being faced by the citizenry.
This was after it emerged government recently released GH¢25 million to the National Cathedral Secretariat as seed money for the project.
However, the Finance Minister believes the raging debate on the financial prudence and relevance of the National Cathedral is misguided.
“That question being asked is that are we spending money from state coffers? Is that too much to do because we are politicizing it. Do we really want to stop it? That is going to be my question.”
Ken Ofori- Atta wants critics not to lose sight of the real returns the National Cathedral project could generate to shore up government’s revenue target.
He mentioned that “As a Minister of Finance, we are looking at resources and how much we put in there at every point in time that is sensible and so as we speak, we have spent less than one-thousandth of our expenditure on that.”
“I am very confident of raising revenue to be able to fund this and then more importantly if I want to look into the economics of it, I truly see an overwhelming capacity that this will pay off. Typically, I am looking at an internal rate of return, so we should put this in mind.”
Source: Daily Guide
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