Ghana suffering a 'severely disorientated economic downward spiral' - Bagbin

Speaker of Parliament Alban Bagbin has commented on the current state of the Ghanaian economy describing it as being in a state of severe disoriented downward spiral.

Bagbin was speaking over the weekend during an out-of-town post-budget retreat for Members of Parliament and other relevant stakeholders.

In his address, he spoke about the responsibility that the MPs had in passing the budget but importantly scrutinizing it to ensure the citizenry get the best out of it.

He admitted to the challenging times and the school of thought about what and why the economy is where it was, but also that there was the need to acknowledge that the economy in its current state was distressed.

“The times and circumstances we are in at the moment are extremely challenging. The global challenges, uncertainties, complexities, insecurity and national moral and psychological decay. More germane, we cannot pretend and dismiss the obvious regarding Ghana’s severely disorientated economic downward spiral.

“Things are getting tougher by the day. Some may assert that there occurs a global economic crisis, but others will present data to suggest otherwise. Mainly that the challenges are largely a result of our own doing. In order words, self-inflicted. That we pressed the self-destruct button,” he said

Other leaders of the House also spoke about the importance of the Workshop and urged MPs to work assiduously to ensure that the Appropriation of the 2023 budget is duly passed.

Embattled Minister of Finance, Ken Ofori-Atta, presented the budget to Parliament on November 24, 2022.

GNA report about the workshop

The annual Post-Budget Workshop has the primary goal of equipping Members of Parliament (MPs) and Senior Officers of the Parliamentary Service with the skills required for scrutinising the Budget and Economic Policy of the Executive arm of government for the 2023 fiscal year.

It also had the objective of offering MPs the opportunity of a deeper appreciation of the 2023 Budget and Economic Policy of the government.

The key expected outcomes would be quality deliberations of the statement on the floor of the House in the ensuing days, relevant legislation and the ultimate Appropriation Act for the 2023 financial year.

SARA