The Akufo-Addo-led government has squandered the gains made in the financial sector by the previous National Democratic Congress (NDC) administration, the Minority in Parliament has said.
The opposition lawmakers said the government has introduced unrealistic programmes and policies which are endangering the financial sector of the economy.
At a press conference on Tuesday, 30 July 2019 to react to the 2019 mid-year budget review presented to Parliament by Finance Minister Ken Ofori-Atta on Monday, 29 July 2019, Mr Casiel Ato Forson, Member of Parliament for Ejumako Enyan Essiam said foreign investors are scared to invest in the Ghanaian economy due to the unstainable policies the government has introduced.
He added that the public debt is also increasing due to the bad governance of the New Patriotic Party administration.
“The Fiscal outlook remains challenging with the fiscal deficit likely to exceed the Fiscal Responsibility Threshold of 5 per cent of GDP. We should expect a fiscal deficit level of 5±2 per cent of GDP.
“Let me put it on record once again that we did indicate that one of the main drivers of depreciation of the cedi, when we issued a statement earlier, was fiscal risk as a result of government policy inconsistencies which is sending a whole lot of negative signals to the investor community,” the former Deputy Finance Minister said.
He added: “Investors form rationale expectations based on past experiences. They are aware that the government recently announced unsustainable policies which exert intense pressures on its fiscal position and lead to severe liquidity constraints. These eventually pose challenges for government in honoring its obligations to investors.
“It is unfortunate that less than a year after Ghana exited the IMF programme, our public finances have been severely derailed, and we are at the risk of losing our credibility. Investors are expressing mixed feelings and reactions. It is a mark of policy inconsistency for the government to announce a contractionary fiscal stance and yet assumed the path of expansionary fiscal policy.”
Source: classfmonline.com
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sa nkrofuo wey paa mo ho abufu twom. 3% GDP growth eno ne gains no? IMF austerity measures eno ne gains no? Energy sector kalabule contracts no ne gains no? aaaaa ebufusem ara kwara kwa. se mo gains ne dea, se mo anya gains aa ye be ton Ghana. nsem huunu bia ara na mo ka.
"Tweaaaaaaaa". Did NDC achieve anything good for Ghana? Is he talikg about the IMF bailout? NDC is confused!
Look at his gentleman, what did you do to help your fanti land.
A country with good financial gains do not submit themselves to the IMF.Shut your no nothing mouth.Put out the said gains vis vis the gains the country is experiencing at the moment and you will find yourself wanting.
NDC never again, it always baffles me whenever i see these small boys from NDC calling themselves economic gorrus and yet took our beloved Ghana to these white folks(Western world) IMF to enslaved us for years. Ghanaians rejection of NDC should be extended to 2099 period.
ie NDC AND THEIR ATO FORSON WHAT ARE TALKING ABOUT, DO YOU THINK NANA ADDO'S GOVERNANCE IS LIKE YOU AND YOUR J MAHAMA GOVERNANCE,NEVER,LET ME TELL YOU THAT, NANA ADDO IS NOT LIKE J MAHAMA WHO WAS USING GHANAIAN' S MONEY ANYHOW AND WA WA WA LIKE RUNNING CAR IN THE STREET, SAID BY IMF (international MONETARY FUND) LAST WEEK. SHAME SHAME UNTO ALL THE NDC AND THEIR ATO FORSON
If after all such statements by the NDC on the economy if people vote for them to come run the country again then we have a big problem. I can't believe we did that to ourselves as a country. Well, we didn't know then how much they knew to manage the economy. Now that we know we shouldn't let them come back until they demonstrate that they are a better alternative
And I laughed aaa enter gutter....see who's talking, Ato Forson of NDC Economy Management Team that sent Ghana to the IMF and plunged the nation into darkness for 4yrs? Please just keep quiet so we can enjoy some peace, I beg, Mr. Hon. Ato Forson
Is the NDC admitting that going to the IMF is a bad move? yet they went to IMF for policy credibility? They are just confused
Ghana will go back to IMF because "our public finances have been severely derailed, and we are at the risk of losing our credibility." This is being said by a man whose government took the country to IMF barely 3 years ago! In short, he is saying that under NDC, our public finances were severely derailed, and we were at the risk of losing our credibility. See how shallow-minded they are.