The Minority in Parliament has said the nation would return to the International Monetary Fund (IMF) for a bailout given the financial challenges confronting the country and the high public debt.
They said the increase in the country’s public debt from GHȼ120 billion as of December, 2016 to GHȼ204 billion as of June 2019 and the declining foreign reserve would compel government to go back to the IMF for support.
“It would not come as a surprise if Ghana seeks a bailout from the IMF less than two years after exiting a similar programme,” the Minority said.
Mr Cassiel Ato Forson, Ranking Member of the Committee on Finance, speaking at a media encounter in Parliament on Tuesday, said the encounter was to state the Minority’s assessment and reaction to the Mid-year Budget Review presented to Parliament by the Finance Minister earlier in the week.
Mr Forson said the mid-year budget clearly showed that the public finances are in dire straits and the resort to additional tax measures is an indication of the troubling times.
He described as populist the policies adopted by President Akuffo-Addo, adding that they have come full cycle and throwing all the gains made from the fiscal consolidation prior to the coming into office of the NPP government, out of gear.
“It has become obvious that the NPP has no intention of keeping their promises when it comes to borrowing and the public debt, the imposition of taxes and fuel price adjustments.”
Mr Forson said the mid-year budget presented by the Finance Minister portends difficult times for all Ghanaians.
He said it is unfortunate that less than a year after Ghana exited the IMF programme, the nation’s public finances have been severely derailed.
He urged the Akuffo-Addo government to change course or they would plunge the economy into much more bigger challenges.
Mr John Jinapor, former Deputy Minister for Power, said the Minority intends to oppose government’s increment for the petroleum sector levies.
He said there is no justification for the imposition of the new levies, arguing that the reasons given for the adjustments were untenable.
“You cannot be against Energy Sector Levy Act (ESLA) two years ago and all of a sudden be a proponent,” he said.
Mr Jinapor said government has failed to account for an amount of GHȼ900 million out of the GHȼ1.5 billion ESLA levies leaving only GHC 600 million in the account.
He said under the ESLA increments, an average increase of 25 percent was imposed on the Power Generation and Infrastructure Support Levy, Road Fund Levy and the Price Stabilization and Recovery Levy.
He said once the new levies come into effect, consumers would be paying almost GHȼ1 on a gallon of petrol and diesel as well as GHȼ1.7 on 14kg cylinder filled with gas.
Source: GNA
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That's all they can do. Good for "nothing" NDC. Prophets of doom!! Akpaso! Abayifuo! That is why you will come to power after 2065! Nobody is listening to you ooo!!! Have you ever seen NPP taking Ghana to IMF before? Instead of you thinking of formulating better policies for you to loose again come 2020, look at you!!
Abayifuo. you're hoping the jar breaks like you got it broken so you can say yen nyinara abro pepeepe. mo tri so. GOD go punish all of you unto generations unborn especially all those who were involved in the kalabule energy contracts which are swallowing us.
Their wish, nation wreckers, but it would not happen by his Grace.
At least you can say where the money had gone to and I'm asking you where did the money for nkomfem go ? where did the money for your so called unprecedented infrastructure go because we can't see the roads you said you built. When intelligent people are talking don't bring your birdbrains ndc lack kritical thinkers so sayeth Dr Kwesi Botchway's report ! you people are very irritating and disgusting ! it is disgraceful for Ghana to have ndc party as an opposition! ndc hate Ghana, ndc is anti-Ghana and ndc is not good for Ghana!
HMMMMMMMM IF A MEMBER OF THE FINANCE COMMITTEE SAYS WHAT IS HAPPENING IS WRONG AND YOU GUYS STILL SAYS ITS NDC RIGHT, NANA IS TAKING THIS COUNTRY TO A REVERSE GEAR NOW OOOOOOOOO COZ JUST TWO YERAS 80 BILLION FOR FREE SHS ONLY WHY WHY WHY????? ALL YOUTH MUST ARISE BECAUSE WE ARE THE FUTURE LEADERS WHEN NANA PUTS THE DEPT DOWN DEAD AND GONE. LETS BE RATIONAL AS A PEOPLE AND TELL THE NPP ENOUGH IS ENOUGH OF THE BORROWING...
that's what u wish for the country that u hope to lead and that has made u who u r, very sad
It wont happen by the grace of God
Ebei NDC what at all do you want. Are you guys Ghanaians at all?
if you want to go to IMF you can go. If this is your mentality, it was not surprising NDC took ghana to IMF during your term. It will never happens under NPP
In your DREAMS! Doom Sayers!