Ranking Member on Parliament’s Finance Committee, Cassiel Ato Forson, says the new fiscal measures announced by the government lack substance and will not yield any significant result in the economic recovery process.

He contends that the various interventions outlined to enhance the economy’s growth may end up exacerbating the current economic woes bedeviling the country.

In a reaction to the Finance Minister’s address on mitigating the harsh economic conditions in the country, Mr Ato Forson said “the fiscal measures announced today are just cosmetic and empty; they will further erode confidence in the economy.”

The fiscal measures announced today are just cosmetic and Empty. It will further erode confidence in the economy. Govt should:
1. place a moratorium on new loans
2. cut 2022 foreign financed projects by at least 50%!
3. And deliver on promise to review all flagship programs!

— Cassiel Ato Forson(PhD) (@Cassielforson) March 24, 2022

The former Deputy Finance Minister suggested that “government should place a moratorium on new loans, cut 2022 foreign financed projects by at least 50% and deliver on promise to review all flagship programmes.”

Meanwhile, the Finance Minister says the opposition National Democratic Congress (NDC) is not a reliable entity to fall on when discussing measures to be implemented to save the Ghanaian economy.

According to him, it is the responsibility of the Party to state their response on government initiatives.

Ken Ofori-Atta is of the view that Ghana would have been worse-off if interventions from the NDC were implemented by the incumbent government.

His comment was in reaction to concerns raised by Cassiel Ato Forson that the measures will not yield better results.

But the Finance Minister noted that if Dr Ato Forson was committed to addressing investor confidence, the Minority in Parliament would have passed government’s revenue measures.

“We have all been partners in seeing how the economy was run from 2017 to 2019 and very clear the impact of Covid-19 on this economy and yet still we are able to see some growth within that period.

The issue therefore of investor confidence, will he (Ato Forson) take responsibility, or the inability, maybe, for his party not to pass our revenue measures in the House.”