2015 Budget Can’t Resolve Economic Challenges- COYLIB

Coalition of Young Liberals (COYLIB) wish to draw the attention of the good people of Ghana that the Mahama led government has once again proven to Ghanaians that the economy under its leadership can never come back to normalcy. The 19th November budget presented to Parliament by the Minister of Finance is a clear indication that the NDC government does not have any good thing to offer Ghanaians due to the budgets inability to adequately spell out strategic measures to restore the ailing economy. We wanted to hear realistic announcements unfortunately that was not the case from the Minister. The 2012/2013 budgets highlighted the potential dangers and problems facing the country which was summarized at Senchi forum in May 2014; yet the government proved in the 2015 budget it does not have the will power to walk the talk. The Minister in his presentation talked about, cutting, promising and implementing. It was our expectation that the 2015 budget will serve as a refuge for the needs of the working class knowing that the priority of the ordinary Ghanaian is to make ends meet. COYLIB believes that in order for any government to have meaningful impact on its people, implementation of its policies is the key. The truth must be told that this government cannot achieve pronouncements in the budget since the fundamentals of the economy has been negated and ignored at the highest level of governance especially when the President is not prepared to take them on. We categorically state that since the inception of the Mahama led government in 2012, he has lacked the vision and the political will to curtail the woes of Ghanaians. The budget uses a 15.5% inflation projection for 2015, which suggest interest rates may continue to rise, putting more pressure on consumers borrowing. The 2015 budget is not communicable because the plans are actually impossible and investors are not willing to throw their monies away. The government targets are not achievable by the various ministries and departments across the country because the budget lacks motivation due to the projected 3.9% of GDP for economic growth for 2015 which is half of the 2014 growth. The debt ratio has been increasing at an unsustainable rate which is quiet alarming and worrying. Lack of technical expertise and fiscal indiscipline has led to the huge external debt of 60.8% of GDP. It is now clear that the Minister of Finance has no good intentions and has lost the plot in solving the economic challenges. We want Ghanaians to note that, it is virtually impossible to half the debt deficits to 3.5% of GDP by 2017. Mahama’s government has not made any provisions in the budget to control over consuming and over spending within government machinery. The lack of intrinsic desire to stop corruption in all arms of government echoes the context of a deterioration of fiscal discipline, which the President is not ready to do. The rhetoric in the just read budget which is full of shambolic policies is a clear indication that the NDC government is not ready and serious enough to turn things around. The architects of corruption, misapplication, misappropriation, embezzlement and general fiscal indiscipline are attributed to our corrupt political leaders. These leaders we believe breed corrupt civil service coupled with lack of transparency and accountability. On education, it is obvious the President has lost focus on the “Better Ghana Agenda” and needs proper reassessment due to the numerous promises that have not been delivered. COYLIB believes that government failure to create job to absorb the unemployment situation in Ghana has resulted in the ascendancy of criminal activities. On the policy initiatives for 2015, the custodian of the economy has over the 3 years continually lied about the financial state of the country with explanations that do not fix the water, gas and power crisis. The value is the same and nothing can change under the 2015 budget. Ghanaians must tighten their belt for the worst because the enrollment of the IMF programme will further complicate the already dead economy. COALITION OF YOUNG LIBERALS (COYLIB) SIGNED: COYLIB LEADERSHIP (UK, USA, BELGIUM, SWEDEN, CHINA, GHANA, GERMANY)