Former Deputy Minister of Finance and Member of Parliament for Ajumako Enyan Essiam, Cassiel Ato Forson has described the mid-year budget review presented by the Finance Minister as ‘asemboni’ (bad news) budget.
According to him, even though the current administration presented what they termed Asempa (good news) budget earlier on, per the picture being painted by the Minister of Finance during his presentation, Monday, the ‘asempa’ has now metamorphosed to ‘asemboni’.
Ken Ofori Atta on Monday presented the mid-year budget review in parliament.
Part of his statement indicated that “we inherited a weak economy characterised by high fiscal deficit, 9.3 per cent of GDP on a cash basis against the then-target of five per cent on cash basis. A primary deficit of 1.4 per cent of GDP against a target surplus of 1.2 per cent, a high debt-to-GDP ratio of 73 per cent of GDP, high inflation of 15.4 per cent, low credit to the private sector, high interest rate, 91 per cent treasury bill rate at 16.4 per cent, weak domestic revenue mobilisation, low external reserves of 2.8 months of import cover, policy reversals including some unconstrained expenditure, seven billion of our standing commitments and un-discharged obligations and weak economic growth of 3.5 per cent – the lowest in 15 years..But Mr Speaker, permit me to reassure this august house that the Akufo-Addo government is not daunted by this statistics that were passed on to us.”
Debating the Finance Minister’s statement, Mr Forson said: “From the information that we have heard today, from the document that we have just been given, I rise to say that unfortunately the budget is being revised from ‘Asempa’ budget to ‘Asembone’ budget. I say this because this is bad news for this country. You will notice that non-tax revenues as projected, the programme was that from Q1 to Q2 the outturn will be 2.7 billion, Mr Speaker the out turn is now 2.1 billion, this is a cut. Clearly what this means is that there is a shortfall of almost GHS600million.”
Meanwhile, Minority leader, Haruna Iddrisu wonders how a government can use the cut in expenditure to show its prudent management of the economy.
According to him, “they were not spending because they did not have money…they shouldn’t come and tell us they are financially prudent in managing the economy”.
Source: Peacefmonline.com
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HW3 NENYIM BI. TSE WUI!
It is becoming increasingly clear why the ghanaian economy was run down to its knees. If the NDC could not find any sensible/rational human beings to run the system, apart from things like Ato Forson and that Ricketts Hagan, then we got exactly what the NDC is capable of delivering. The emptiness of their heads and their st00pidity is showing clearly. How could such 1diots run a nation? I don't blame them. That Mahama caused all this mess.
OMG....look at this N.D.C folks talking ***barred word***? It is very sad and character humiliating for people like Ato Forson and even their boss Paa Kwesi Amissah to school Ghanaians about economy and government budget. Those intellectuals who claimed to known better no nothing and ignorance is killing their thinking and personality. Especially Ato Forson, please do not go on social media to even comment because you are disgracing yourself and the scholars in our beloved country. Do not worry to express your views because you are the worse ever person in terms of basic economics knowledge and applications. Propaganda has no place in 21st century global economy
Of course, Ato Forson needs to be bashed. Obviously, thinking national economics like it's "knrob)" is pitiful. What gives him the balls to talk about the economy but for being a former deputy minister? I've spoken to him myself and he has no idea what micro- or macro-economics is. In fact, he completely clueless on how to run an economy. My fellow NDC members, please we have never done any good to the Ghanaian economy. What we've always done is akin to Gen. Acheampong's rudimentary policies. Today's world is much different and way more sphisticated. Let the people who know do what they do best. I wish every NDC person were like me. It looks unfortunately like everyone in my beloved party has become a propaganda specialist. Perhaps I should have crossed carpet. ***barred word***, Ato. You know next to nothing.
Where was this guy when the economy was reversing under JDM? NDC should get men to be speaking on economic issues and not this infantile and JSS minds.
It is very very stooopid to ask NDC about the economy. Their own vice president who was a former bank of ghana governor could not respond to a single question by Bawumia. Are they suddenly economic gurus when they went into opposition? Is it not better to ask economic think tanks instead of NDC foooooooooooooools? Stuuuuupiddd peace fm editor.
Ato Forson clearly is a disaster! This explains why our economy was in such a bad state! he seems to have suddenly found his voice and is going round irritating everyone. Suddenly, he wants to portray himself as an expert but as soon as he opens his mouth, his hollowness and lack of ideas and lateral thinking becomes very obvious. He's also very emotional and clearly his reasoning cannot be trusted.
I am surprise at the NDC ....at least FM never ask for another fund as it used to be in the past under jdm and Seth Tekper...As for ato Forson no wonder jdm economy was going to the ditch....wa bon aaabon abon aaa!!!! hmmmmm hu!
This NDC again! Does it mean a whole political party does not know what economic prudence or rationing means? A journey to the moon starts with a step. Revising a budget in response to economic reality on the ground is a sound economic management move. Where are your economists? I always say that what the NDC is best at is making noise, whether in government or in opposition. At least this time we are fortunate they did not organise a press conference to advertise their economic naiviity.
Frankly this Ato Forson is a very confused politician; the trouble is that there are no credible persons in the NDC to explain economic management to Ghanaians because how on earth do you have Ato Forson ; a student politician and a cleaning manager from the UK; what has Ato fOrson achieved in life apart from stilling to build a hotel ; why has Seth Terpkor kept quiet in the matters of economics ; how do you compare Ato Forson to Dr Bawumia in economic matters besides the NPP are honest about the economic situation rather than NDc whose matter of economic trading is stilling ; overpricing ; overinvoicing and diverting funds into their pockets