Ghana’s Economy is on Autopilot—Minority Leader

The Minority in Parliament, have decried the abysmal performance of the Ghanaian economy in recent times 

“At the very least, Ghanaians expected that this mid-year review would have removed or abolished a number of taxes that have made Ghana a high tax regime to the extent that businesses are moving out of our country and the ordinary Ghanaian is moving out of the shores of this country”.
“Mr Speaker, this is a missed opportunity, instead the Minister did not announce one single new policy. The Minister did not introduce new ideas. Mr. Speaker, unfortunately Ghana is on auto-pilot” Minority Leader Dr, Ato Forson stated on the flow of parliament yesterday
The Finance Minister, Dr. Mohammed Amin Adam was in parliament for the first time since assuming office to present the mid-year budget Statement.
Reacting to the mid-year budget review, Minority Leader, Dr. Forson expressed dismay over the prevailing economic conditions which are driving businesses out of the country and making life difficult for the average Ghanaian.
The Minority Leader further bemoaned that ‘high food prices have become one of the major problems facing Ghana today’. Yet, the Minister ‘did not provide a roadmap to arrest the escalating food prices.
The National Democratic Congress (NDC), led by the minority in Parliament also alleged that Planting for Food and Jobs has been a ‘monumental failure despite the billions of Ghana cedis that have been spent so far’, and that ‘youth unemployment and food insecurity could be a great threat to National Security’.

Below is thMinority’s full statement to the Mid-year Review

 

THE MINORITY’S POSITION ON THE MID-YEAR BUDGET REVIEW PRESENTED BY THE MINORITY LEADER, CASSIEL ATO FORSON (Ph.D), AT A PRESS CONFERENCE IN PARLIAMENT HOUSE

TUESDAY, 23RD JULY, 2024

Ladies and gentlemen of the press, we have just listened to the Mid-Year Budget Review of the Minister of Finance.

Typical of this government, the address was:

uninspiring

bereft of new ideas

gives no hope and

fails to offer a road map for addressing the numerous problems facing the people of Ghana

This mid-year review leaves many people disappointed and uninspired. It gives no hope to hope to the ordinary Ghanaian that anything will be done to change the unbearable hardships that confront the people of Ghana.

 

In the last eight (8) years, Akufo-Addo and Bawumia have burdened Ghanaian businesses and individuals with high tax regime such as:

E-Levy

A COVID Levy

An effective VAT rate of 22%

A distorted VAT regime

A betting tax

A borla tax (Sanitation Levy)

High taxes on petroleum products

An emission Levy

High import ductus

Burdensome fees and charges across all sectors and

Over 40 new taxes

These Burdensome taxes have made Ghana unattractive for investment.

As a result, many businesses are relocating from Ghana to Togo and Ivory Coast among others.

Ghana has lost so many job opportunities as a result of the relocation of businesses.

 

This adds to the already high unemployment situation due to fact that the government has failed to create jobs.

As a result of high import duties and levies at our ports, Ghana is no longer an attractive or gateway to west Africa.

Our Ports, particularly the Tema Port has lost almost 50% of its traffic with further job losses.

Living in Ghana is now exceedingly difficult as the cost of living has become unbearable.

Many Ghanaians are unable to put food on the table for their families and loved ones.

People can simply not make ends meet. Krom aye shi. Aye shi-shi-shi!

High food prices are one of the major problems facing Ghana today. Yet, this mid-year review did not provide a roadmap to arrest the escalating food prices.

Planting for Food and Jobs was a monumental failure despite the billions of Ghana cedis that have been spent so far.

The greatest threat to our National Security today is youth unemployment and food insecurity.

These two factors are fuelling the loss of confidence in our democracy, revealed in the recent Afrobarometer report on Ghana.

At the very least, the NDC Minority Caucus expected nothing less than the removal

or abolishing of the following taxes:

E-Levy

Covid Levy

Betting tax

Borla tax

Emission Levy

VAT on domestic consumption of electricity and

Addressing the distortions of the VAT regime

The Akufo-Addo and Bawumia government will be remembered as the government that left behind.

bankrupt economy

Default (Yentumi ntua) economy

Haircut economy

Debt-riddled economy

Over tax economy

High inflationary economy

High food inflation economy

A shrinkflation economy

High monetary policy rate economy

High lending rate economy

High Unemployment economy

Extremely High youth unemployment economy

Misery (ahonkyer3) economy

collapsed state-owned enterprises economy

collapsed cocoa sector economy

A bankrupt Ghana

A bankrupt Bank of Ghana

A bankrupt Cocobod

The highest food Inflation never witnessed in the fourth republic

The highest youth unemployment never witnessed in the fourth republic

Fellow country men and women, as stated earlier, this Mid-year budget review is

Uninspiring

bereft of new ideas

gives no hope and

fails to offer a road map for addressing the numerous problems facing the people of Ghana.

Let me assure you that the National Democratic Congress and the Minority in parliament are aware of the following:

Hopelessness of our youth who cannot count on the government for jobs

The suffering of the ordinary Ghanaian who cannot afford three-squared meals a day

The unbearable hardship confronting Ghanaian businesses

The collapsed State-Owned Enterprises such as the Ghana Cocobod

The insolvent of Bank of Ghana

The rich have become middle class, the middle class has become poor and the poorer has become poorer with the World Bank estimating that one-third (33.3%) of Ghana’s population expected to be in poverty by 2025

The high tax regime that has forced businesses to relocate from Ghana and has fuelled high unemployment and

Poor governance, among others

The NDC’s pledge is to confront these challenges head-on beginning January 2025.

I thank you.