The Minority Leader, Cassiel Ato Forson says the Bank of Ghana cannot unilaterally write off government debt without the approval of Parliament.
He adds that the government cannot also force the Bank of Ghana to write off its debt without seeking parliamentary approval.
Presenting the Minority’s response to the 2023 mid-year budget review in Parliament on Wednesday, Dr Ato Forson said the Central Bank and the executive arm of government have written off nearly GHC48.4 billion of government debt owed to the Bank of Ghana without the approval of Parliament.
He said “the entire government of Ghana’s debt restructuring programme must be submitted to parliament for scrutiny.
The Minority Leader, debunking Finance Minister Ken Ofori-Atta’s position that the government has “turned the corner” in the economic management of the country, said “Mr Speaker, we have not turned the corner. We have not even seen the corner from where we are as a country. In fact, we are still in the woods. We are no where near the corner, let alone turn it”.
Dr Ato Forson further said the government must rather apologise to the people of Ghana “for destroying our livelihoods, our country and our motherland”.
He said the government has successfully collapsed all state-owned enterprises and institutions, adding that, “the almighty Bank of Ghana is now bankrupt with negative equity of over GHC55 billion and counting that will require the taxpayer to recapitalise it”.
Dr Ato Forson quizzed “who would have thought that the once prestigious Ghana Cocoa Board will today be bankrupt to the extent that they cannot repay their debt to cocoa bondholders, cocoa road contractors, Licence Buying Companies and fertiliser suppliers”?
He said the New Patriotic Party’s administration has also successfully murdered the financial health of almost all our state-owned enterprises.
“ ECG, yaamutu; GIHOC Distilleries, yaamutu; NEDCo, yaamutu; GRIDCo, yaamutu; Buffer Stock Company, yaamutu; Ghana Publishing Company, yaamutu; Ghana Railways, yaamutu; STC, yaamutu; Ghana Airport Company Limited, yaamutu. What a corner you have turned, Mr. Minister!, the Minority Leader chanted.
Dr Ato Forson continued “how could you claim to have turned a corner when GDP growth has been revised from 2.8% to 1.5%, current net international reserves is about 1 week of import cover and it is projected to be about 3 weeks (0.8 months) of import cover by the end of the year 2023 even with IMF cash”?
He said the Finance Minister’s claim that the government has “turned the corner” in its economic management does not add up, quizzing further “how could you claim to have turned a corner when inflation is currently 42.5% and rising, and projected to be 31.3% by the end of the year, when monetary policy is 30% and rising, and commercial bank lending rate is 36% and rising”?
The Minority Leader said “the performance of this economic management team, despite the hype, over the past seven years has been beyond abysmal”, adding “with this mess created by the NPP administration, Ghana will require over 5 years of collective sacrifice and dedication to turn things around.”
“Mr. Speaker, the government has rewritten Ghana’s economic history and a book on HOW NOT TO MANAGE AN ECONOMY must be dedicated to this Akufo-Addo/Bawumia government”, Dr Ato Forson concluded.
Latest Stories
-
Our policies are youth-centered, necessary for development – Bawumia
17 mins -
US Army Major convicted for smuggling guns to Ghana disguised as rice and home goods
41 mins -
#WAFFEST2024: Ghana leads charge in promoting African cuisines on the global stage
47 mins -
Music industry lacks peace since I joined – Davido
48 mins -
Consumer financial education: Demystifying personal loan structure
52 mins -
Ejisu by-election: Voting underway
1 hour -
Africa can only attract development finance with sustainable debts – Seth Terkper
1 hour -
Today’s front pages: Tuesday, April 30, 2024
1 hour -
ReFinD initiative funds 17 projects to boost digital financial inclusion
1 hour -
I’m not a front-runner to be Bawumia’s running mate, says Bryan Acheampong
1 hour -
Mobile money sales boy accused of over GH¢1.3m theft – Court awaits AG’s direction
2 hours -
EC’s stolen BVR kits, laptops: One granted bail, three still on remand
2 hours -
Dela Seade assumes role as CEO for Black Sheep Foundation
2 hours -
West Africa Food Festival uniting the continent – Africa Chefs Alliance President
3 hours -
Over 40 health facilities completed under Akufo-Addo’s tenure, Okoe-Boye reveals
3 hours