'Nkunim' budget: Why can't we spend within our means? - Dr. Otchere-Ankrah goes wild on Ofori-Atta

Dr. Benjamin Otchere-Ankrah, a Governance Lecturer at the Central University, has taken a swipe at Finance Minister, Ken Ofori-Atta over his budget presentation at Parliament on Wednesday, November 15, 2023.

The Finance Minister, presenting the budget he calls "Nkunim", made some projections for the year 2024, stressing Ghana's economy will grow by a trillion.

“The 2024 Budget is even more significant because we will cross the GHȼ1 trillion Gross Domestic Product (GDP) mark for the first time in our economic history. Let me repeat, Mr. Speaker, Ghana’s economy under President Akufo-Addo’s final year in office is projected to be valued over GH¢1 trillion in 2024 from the GH¢219.5 billion in 2016.

“Mr. Speaker, with such a milestone ahead of us, Government is protecting, at all cost, the foundation for sustained economic expansion. A foundation that has been achieved through the sweat and patience of the Ghanaian people. We pledge to protect this for all our people and especially for private sector growth,” Mr. Ofori-Atta said.

He also projected that the country's total revenue and grants for 2024 will stand at "GH¢176.4 billion (16.7% of GDP). The projection is underpinned by permanent non-oil revenue measures which are expected to yield at least 0.9 percent of GDP consistent with the medium-term revenue path under the IMF-Supported PC-PEG and the Medium-Term Revenue Strategy!"

In allocation of this amount, the Minister stated; "Total Expenditures (Commitment) for 2024 has been programmed at Ghs226.7 billion (21.6% of GDP). Primary Expenditure (commitment) which is expenditures net of interest payments is projected at GH¢170.7 billion (16.2% of GDP)."

Looking at the expenditures for next year, Dr. Benjamin Otchere-Ankrah questions the Minister and government why they have to spend so much than the nation gains.

He explained that every budget is anticipated to have three ingredients which he listed as balance, surplus and deficit.

He wondered why Ghana's budget always have to be in deficit and further asked when will there ever be a budget surplus, hence blaming government for failing to live within her means.

"There's so much waste in the system which demands those in charge to address it but they won't do it because they are benefiting from it", Dr. Otchere-Ankrah hollered during Peace FM's morning show "Kokrokoo".