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.
