Government destroyed financial gains under the NDC – Minority | Policy

The government led by Akufo-Addo has squandered the gains made by the previous National Democratic Congress (NDC) government in the financial sector, said the minority in Parliament.

Opposition lawmakers said the government had put in place unrealistic programs and policies endangering the financial sector of the economy.

At a press conference held on Tuesday, July 30, 2019 to respond to the mid-year 2019 budget review presented to Parliament by Minister of Finance, Ken Ofori-Atta, on Monday, July 29, 2019, Mr. Casiel Ato Forson, deputy of Ejumako Enyan Essiam, said foreign investors are afraid to invest in the Ghanaian economy because of the unsustainable policies introduced by the government.

He added that the public debt is also rising due to poor governance of the administration of the new patriotic party.

"The fiscal outlook remains difficult, with the budget deficit exceeding the fiscal responsibility threshold of 5% of GDP. We should expect a budget deficit of 5 ± 2% of GDP.

"Let me reiterate once again that we have indicated that one of the major factors in the depreciation of the cedi, when we issued a statement earlier, was the tax risk resulting from inconsistencies in the government policies, which has many negative consequences. signals to the investor community, "said the former deputy finance minister.

He added, "Investors define expectations of justification based on past experiences. They are aware that the government has recently announced unsustainable policies that put severe pressure on its fiscal position and lead to serious liquidity problems. These end up causing difficulties for the government in respect of its obligations to investors.

"It is unfortunate that less than a year after the exit of the Ghana IMF program, our public finances have seriously derailed and we risk losing our credibility. Investors express mixed feelings and reactions. This is a sign of political incoherence for the government to announce a restrictive fiscal policy while taking the path of an expansionary fiscal policy. "