The minority in Parliament has hinted that the poor administration of the Akufo-Addo led administration will take Ghana back to a status of a Heavily-indebted Poor Country (HIPC) by 2019.
At a Roundtable Breakfast Discussion at Job 600 Monday morning, on the economic outlook of the 2018 budget which will be presented to Parliament on Wednesday, Ranking member on Parliament’s Finance Committee, Hon Cassiel Ato Forson, said the government has recklessly mismanaged the country’s economy to a crescendo that citizens will have to brace themselves for hardships akin to the late 90s.
“Unfortunately, the state will be ending the year with a Debt-to-GDP ratio of approximately 73.6 percent. When the Energy Bond and the UT/Capital Bank bond is added, the Debt-to-GDP will rise to 76.8 percent from 72.5.”
Mr Forson who also doubles as the MP for Ajumako-Enyan-Esiam constituency added that: “Ghana is heading toward HIPC. Ladies and gentlemen, don’t be surprised if by the end of 2019, we are declared HIPC,”
Watering down the yet to be read budget he stressed “Can you create jobs under severe austerity under fiscal consolidation? The budget deficit in IMF’s article four is projected to be 3.8%…next year, let us be assured that there is going to be ‘ahokyere’ [ severe hardships] equivalent to 1983.”
The minority further vowed to resist any attempts by the New Patriotic Party (NPP) government to overburden the ordinary Ghanaian tax payer.
Mr Forson indicated that even though citizens are expected to get a breather on taxes, plans are being hatched by the Akufo-Addo government to reinstate the taxes.
In an interview with XYZ news’ Kofi Oppong Asamoah, former deputy Power Minister John Jinapor disclosed that despite the ruling government’s diversionary tactics to question the academic credentials of those that criticize them, the minority will not relent in exposing their shortcomings.