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Company News of Thursday, March 21, 2019
Source: www.ghanaweb.com
2019-03-21
play the videoIsaac Adongo, Member of Parliament for Bolgatanga Central
Isaac Adongo, MP for Bolgatanga Central, observed that the Ghanaian economy was headed for the worst, due to inappropriate and relatively high public spending.
According to Mr. Adongo, inappropriate allocation and disbursement of NPP government funds only plunge the country into an economic crisis and a phenomenon that leaves the country's stock market with little or no funding for infrastructure projects.
In his communication, he baderted that in 2018, the government had generated only 35 billion GHAC from taxes, all of which were earmarked for the financing of compensation and costs. This left nothing to the government to use to undertake development projects.
"… We generated only 35 billion GH ¢ of taxes, all these taxes being used only for compensation and interest cost, ask me now, as well as the government, how will they finance infrastructure, how will they finance even statutory payments? . "
In his view, the low allocation of NPP government funds triggered his hedging plan to reallocate funds from the GETFund, health insurance and other statutory funds.
"That's why they've adopted the strategy of taking away all the money from GETFund, health insurance and even the money left over, but they're still going there and realigning it on other expenses. "
He added, "… the truth is that the economy is heading for a crisis. If you continue this way until 2020, it means that even the money we will borrow will be consumed only by three elements, which scares our physical health. situation looks like ".
But the Minister of Finance badured last week that the economy would be re-established in a few weeks once the cedi stabilized.
Ofori-Atta hinted that the economy would be injected into capital, including Standard Bank's $ 750 million bridging loan to face the challenges of the Ghanaian economy.
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