2015 budget was “dead on arrival” – Akoto Osei

Minority Spokesperson on Finance Dr Anthony Akoto Osei has said the 2015 budget and economic policy statement was “dead on arrival.”

“This budget I’m saying was dead on arrival, we all know that…somebody will have to sit down and do a proper analysis to change it. It cannot stay the same way it’s staying,” the former Minister of state at the Finance Ministry told Samson Lardy Anyenini on Joy FM’s news analysis programe newsfile Saturday January 17, 2015 in a panel discussion.

According to him, “There’s a huge gap, over 800 million dollars,” in the budget, which needs plugging.

“The sooner we admit it the better,” he said, adding: “Donors have not told us that they are going to give us,” the deficit amount, “that’s where the IMF comes in.”

“It’s the IMF that is going to convince the donors that we feel comfortable with their programme so bring [the money]…,” Dr Akoto Osei said.

Ghana is currently in negotiations with the International Monetary Fund for a three-year programme to help fix the West African country’s economy.

The talks begun in the last quarter of last year after the local currency – Cedi – fell by about 40 percent in value to the Dollar and other major currencies of international trade.

The Cedi gained marginal stability after the Government infused about $2.7 billion dollars into the economy through a $1-billion Eurobond flotation and $1.7-billion cocoa syndicated loan.

Dr Akoto Osei said the expected IMF programme which was aimed at giving policy credibility to government’s programme’s is what caused for the Eurobond to be oversubscribed.