2016 budget was an NDC “manifesto” – Casely-Hayford

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PAULINE 10 years ago

Tekper cannot differentiate between the two. Just useless, am even thinking he is more useless than dead goat. Birds of the same feather flock together lol

Tekper cannot differentiate between the two. Just useless, am even thinking he is more useless than dead goat. Birds of the same feather flock together lol
Kay 10 years ago

MR. LAMENTATION

MR. LAMENTATION
PRINCE KWASI ADADE (OFIE P33) 10 years ago

2016 BUDGET: THE “DEAD GOAT” BUDGET

COMMENTS BY THE NPP

The 2016 budget is the eighth budget of the NDC government since its assumption of office in 2009. Ghanaians were promised a ‘Better Ghana” in 2008 but goi ...
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2016 BUDGET: THE “DEAD GOAT” BUDGET

COMMENTS BY THE NPP

The 2016 budget is the eighth budget of the NDC government since its assumption of office in 2009. Ghanaians were promised a ‘Better Ghana” in 2008 but going into the 8th year of government in 2016, this government has delivered one of the worst economic performances of any government in Ghana’s history. The record after the last seven budgets of the NDC is definitely not one of a “Better Ghana” than the one this government inherited in 2009. Rather, it is a record of a monumental waste of an historic opportunity to transform the economy of Ghana and improve the lives of Ghanaians. In fact, no government in the history of Ghana has had the amount of resources in terms of tax revenue, cocoa exports, gold exports, oil revenues and loans as this NDC government. The financial resources that have been available to this government are actually mind boggling.

In the eight years between 2001 and 2008, the total tax revenue collected was GHC 15.2 billion. In contrast, the government has collected a total of some GHC 90 billion in the last seven years (2009-2015) in taxes.

Ghana’s gold exports between 2001 and 2008 amounted to $9.0 billion dollars. Between 2009 and 2015, total gold exports have amounted to some $28 billion dollars. Government has therefore earned significantly more from the revenues associated with these exports in the last six years.

Ghana’s cocoa exports between 2001 and 2008 amounted to $7.4 billion dollars. Between 2009 and 2015, total cocoa exports have amounted to some $17.0 billion dollars. Government has similarly earned significantly more from the revenues associated with these exports in the last seven years.

Ghana has also become an oil exporter during the period of the NDC government. By the end of 2015, Ghana would have exported some $15.7 billion of oil in the last five years and earned some $4 billion from oil during this period. There were no oil revenues accruing from oil exports during the 2001-2008 period or for that matter in any period of Ghana’s history.

From independence in 1957 to 2008 Ghana’s total debt amounted to GHC 9.5 billion. In the last seven years alone under this NDC government, Ghana’s total debt has increased from GHC9.5 billion in 2008 to an estimated GHC99.0 billion at the end of 2015. The government has borrowed some GHC 90 billion in seven years! This is an unprecedented rate of accumulation of the public debt.

In dollar terms, this NDC government has borrowed the equivalent (at the time of borrowing) of some $37 billion in seven years!!!. This is a massive flow of resources into any economy by any stretch of the imagination.

The record therefore shows that this NDC government has had access to a massive flow of resources in the last seven years. Taxes, loans and oil revenues alone over the last seven years amount to an inflow of some GHC 200 billion in the last seven years. Under the 8 years of the NPP government from 2001-2008, taxes, loans and oil revenues alone amounted to some GHC 20.00 billion). In the last seven years (i.e. excluding 2016) this NDC government has had, in nominal terms, at least 10 times the resources that the NPP had in 8 years.

Notwithstanding all these massive resources in terms of tax revenue, loans, and revenues from gold, cocoa and oil exports amongst others, public finances are in such a bad state to the extent that we had to seek an IMF bailout. That is the record of the last seven budgets of this NDC government. It is a record of failure.

Today, despite all these resources at its disposal,

Government is in arrears with NHIS payments

Government is in arrears with GETFUND payments

Government is in arrears with DACF payments

Government is in arrears with payments to contractors

Government cannot pay teacher trainee allowances

Government cannot pay nursing trainee allowances

Government is in arrears for the payment of national service staff

Government is having trouble paying salaries of workers. Some workers have gone for 18 months without salary

The government has put Ghana in a state of high indebtedness as was the case under HIPC. Today the interest payments on Ghana’s debt is six times Ghana’s oil revenue this year. Ghana’s debt to GDP ratio at the end of 2015 would stand at 74% (beyond the threshold for debt sustainability.
Economic growth has slowed down to 3.5% this year
Ghana’s currency is the worst performing currency in Africa over the last two years.

Unemployment is high and increasing – Government has committed under the IMF program to lay off workers after the 2016 election. But they will not admit it today if you ask them.
Dumsor is the order of the day

Government has already committed under the IMF program to increasing utility tariffs. The PURC purported consultations with the public on the utility price increase is just a charade. They are as usual throwing dust into the eyes of Ghanaians.

The cost of living has gone through the roof and the 2016 budget offers no relief to the suffering Ghanaian people. It is insensitive to the plight of Ghanaians. It is a story of more taxes, more cuts in expenditure, more borrowing, higher utility tariffs, higher cost of living, less growth and more unemployment. In this regard we can refer to the 2016 budget as a “Dead Goat Budget”.

With the relatively small amount of resources available to the NPP in 8 years of government, the achievements were phenomenal. The economy was transformed from a low income HIPC economy to a middle income economy during that period.

With ten times more resources, what has the NDC done with all the resources under its control over the last seven budgets? Where did all the money go? The NDC has attempted to hoodwink Ghanaians by arguing that the money has been spent on infrastructure projects. The evidence however has exposed this propaganda. The evidence shows that notwithstanding the massive increase in the debt stock, capital expenditure as a percentage (%) of GDP has actually been on the decline from 9.1% of GDP in 2008 to 4.8% by 2014 . Capital expenditure as a percentage of GDP averaged 11% for 2001-2008 (without oil) while that for 2009-2014 has averaged 6% (with oil).

This means that contrary to all the government claims of an increase in infrastructure expenditure on projects all over the country, the reality is that Ghana’s expenditure on infrastructure is declining. The numbers indicate that relative to GDP, this government is investing about half what the previous government invested in infrastructure. It is in fact a travesty that Ghana before the discovery of oil was spending a higher proportion of its income on infrastructure investment than after the discovery of oil and the massive increase in the debt stock. This decline in investment in infrastructure runs counter to what one would have expected.

Indeed, according to the Managing Director of the IMF most of Ghana’s borrowing has been used for consumption and not for investment. One can only imagine what would have happened if each region were allocated $3 billion of the borrowed funds for infrastructure development. Just $1 billion dollars can construct 1000 kilometres of tarred road. We could have build a railway line from Accra to Paga easily. We could have solved the Dumsor problem in addition. It has been a major missed opportunity. This government should be doing so much more in the area of infrastructure given the resources it has had at its disposal.

While the NPP period of economic governance saw an increase in economic growth from 3.7% in 2000 to 8.4% by 2008 NDC on the other hand with the implementation of the last seven budgets has presided over a major decline in economic growth and an increase in unemployment.

In the 8 years of the NPP between 2001-2008 the average fiscal deficit as a % of GDP was 4.4%. In the last seven years (2009-2015) the fiscal deficit has averaged 8.1%, with three successive years of double digit deficits between 2012-2014 (the first time in Ghana’s history). Today under the IMF bailout program Ghana is trying to get to the 2008 fiscal deficit level of 6.5% which the NDC said was bad. Did we go or did we come?

The interest burden of Ghana’s debt is high and increasing. In 2015, the Interest cost of GHC9.57 billion was six times Ghana’s oil revenue. In 2016 the budget estimates that the interest cost of some GHC10.5 billion would also be 6 times Ghana’s oil revenue. The oil discovery has basically been compromised over the last seven years by the government’s recklessness and incompetence. The government’s willingness to borrow $1 billion on the international capital markets at an interest rate of 10.75% is a demonstration of recklessness, desperation and incompetence. We should recall that this is the same government that criticized the NPP government for borrowing at 8.5% on its debut bond in 2007 when interest rates were much higher internationally. While the 2007eurobond was obtained at a spread of 3.8% above US treasuries, the 2015 eurobond was obtained at a spread of some 8.4% above US Treasuries. What the government has done in this regard can be compared to taking a microfinance loan to refinance a bank loan. Yet instead of bowing their heads in shame, this government rather unbelievably attempted to pass it on as some sort of achievement.

The mismanagement of the exchange rate under this government is also a bitter legacy of this NDC government.

Today, notwithstanding the denial of government, it is now clear that the “dumsor” problem that has been inflicted on Ghanaians over the last four years is more of a financial problem than a technical problem.

What we are witnessing the management of this economy is a toxic mixture of incompetence and corruption (SADA, WOYOME, National Service, GYEEDA, DVLA etc) that has resulted in economic decline and an explosion of suffering across the country.

The 2016 budget is no different from the other seven budgets of this government. Full of rosy promises but ends up breaking those promises and impose hardship on Ghanaians. In this regard, the 2016 budget is no different from the 2012 election year budget. This government will certainly not abide by the targets set by the IMF in this budget. Those targets will be breached for sure as the government will inevitably succumb to election pressures. It is not a credible budget. We should rather focus on the NDC record to get a sense of what would happen in 2016. Unfortunately it is a seven year record of failure.

IT IS TIME TO BUILD A NEW ECONOMY: IT IS TIME FOR CHANGE

Under a Nana Akufo Addo led NPP Government, we are going to build a new economy. What is this New Economy?

It is not a dumsor economy

It is not an unemployment economy

It is not a Woyome Economy

It is not a GYEEDA economy

It is not a SADA economy

It is not a Judgment Debt Economy

It is not a Friends and Family Economy

It is not a Wahala Economy

It is not a “Dead Goat” Economy

It is not an economy where you have to go on strike before you get your salaries and allowances

It is not a Propaganda Economy

It is not a HIPC economy

It is not an economy where cocoa spraying depends on party affiliation

Not an economy where people and businesses cannot get bank loans

It is not a high tax economy

It is not an NDC, CPP, PNC, PPP, NDP or NPP Economy

THE NEW ECONOMY WE ARE GOING TO BUILD IS AN ECONOMY FOR ALL GHANAIANS IRRESPECTIVE OF TRIBE, RELIGION, AGE OR GENDER. WE ARE GOING TO BUILD A GLOBALLY COMPETITIVE GHANAIAN ECONOMY.
insight to the bone 10 years ago

Akufo Addo has many faults and too many mistakes in his choice of associates as if his brain has been amputated of common sense and the culture of security by accepting all . He is the most popular politician today only becau ...
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Akufo Addo has many faults and too many mistakes in his choice of associates as if his brain has been amputated of common sense and the culture of security by accepting all . He is the most popular politician today only because he is the lesser of the evils and still has the potential to actually move the country forward. Today the out spoken appear to be northerners and non Akans as Akans are still recovering and have learned to be over cautious in public statements least they be murdered or some other accident be organized by the ewes/northerners . Even here on this site and forum one can not help but notice any Akan who endeavors to speak the truth is immediately branded insane, mad or a thousand insults rained upon him , just look at the comments below the featured articles. Freedom is meant for only the ayigbe/pepeni , Gas , Adas but all Akans have no right of true expression without the vicious malicious attacks , just imagine what the situation is like in reality so the Bishops were right in encouraging people to speak . They hound the NPP from within using their spies , sleepers while continuing indiscriminately the onslaught from all calibers of cannon but fail to notice the campaign to remove NDC from there is not organized by the NPP. The fight has now taken to the underground and its been going on for the past 3 years from mouth to ear in privacy , NPP , PPP or any other opposition force need not go spend huge budgets in posters as the work has already been done. Any credible pollster today will see in all Akan areas especially among the Fantes that NDC can not get even 5% of the vote and the people are determined even if it means war not to allow NDC to stay. Now this Bawumia they say is so great doesnt impres me , i looked at one of his interviews and any expert at body language and facial involuntary grimaces will tell you this individual is diabolically dishonest. Yes he speaks many truths but somehow omits to give the complete story. He says Mahama has govt of family and friends but stop short of say its deeply rooted in tribalism and hegemony. He mentions the borrowing and how after value for money analysis we have been robbed but stops short of mentioning where the money really went , to the pockets of corrupt northerners , ewes Gas etc for their good life while we Akans will be left to be blamed.He mentions the debt created by Mahama is over ten times what Kuffuor left and this incompetent govt has nothing to show except fat bank accounts in mainly Muslim countries . He fails to mention the good will of the majority Akans has been seriously violated and abuse by his fellow northerners and instead of calling for honesty participates in the cover up. He never says anything about the prejudice and discrimination against the Akans or tells his people to distance themselves from participating in such injustices . Time will tell and we shall see he is also a ndc mole placed strategically placed to control the exhaust pipe of opposition and resentment of this wicked govt.
Kujo 10 years ago

nsight to the bone...been trying to figure out what kind of person you are ? You sound too divisive. Have travel out Ghana before ? If you traveled out Ghana before and think in this manner ..tells you have serious psychologi ...
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nsight to the bone...been trying to figure out what kind of person you are ? You sound too divisive. Have travel out Ghana before ? If you traveled out Ghana before and think in this manner ..tells you have serious psychological challenges . You must know Ghana doesn't belong to Akans. You better Go see a psychiatric. You are damn sick. I would come after you if i know who are.
insight to the bone 10 years ago

you would come after a sick person only shows how stupid you are

you would come after a sick person only shows how stupid you are
Johnny 10 years ago

Why was Seth Tekper fumbling when he read the budget?I suspect he himself doesn't believe the documents he read to us he sound so confused on that day.

Why was Seth Tekper fumbling when he read the budget?I suspect he himself doesn't believe the documents he read to us he sound so confused on that day.
Kujo 10 years ago

Johnny you are rather confused... Akufo is too old ...we don't want no old man for president ..we are not Nigeria .

Johnny you are rather confused... Akufo is too old ...we don't want no old man for president ..we are not Nigeria .
Job poadi Bibom 10 years ago

you re a hypocrite with a bald head.

you re a hypocrite with a bald head.
Boris Bukari 10 years ago

So in effect is a dead goat budget finiii,,,,,,,,,,,,,,,,to. We have heard it as we listened attentively so as to make an inform decision. And that decision was the budget is a dead i mean double dead goat budget. Accept it ...
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So in effect is a dead goat budget finiii,,,,,,,,,,,,,,,,to. We have heard it as we listened attentively so as to make an inform decision. And that decision was the budget is a dead i mean double dead goat budget. Accept it or leave it that is our decision.

Peace Perfect 10 years ago

They had their prescription before they listened to the patience!!!

They had their prescription before they listened to the patience!!!
LOLOTO 10 years ago

It was written by an IMF small technocrat. That is how a whole sovereign state has been sold to our former colonial mssters. Tekper was just reading a note written for him by an IMF small boy. He even did not have time to go ...
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It was written by an IMF small technocrat. That is how a whole sovereign state has been sold to our former colonial mssters. Tekper was just reading a note written for him by an IMF small boy. He even did not have time to go through that was why he was fumbling all along. Meanwhile dead goat was in tamale spewing thrash to his northerners who will not vote for him any again (First fool is not a fool but the second fool is a big fool), the NDC parliamentarians refuse to come to parliament on the day (they cannot understand anything any way and the NPP parliamentarians just bullshitted it as a dead goat budget; which after all is not a budget statement but rather the state of the nation address. That is the state of dead goat and NDC government for you. GHANA HAS NO AND NO FUTURE UNDER THESE IDIOTS.
MAHAMA LOOT AND SHARE 10 years ago

HAHAHAHA MAHAMA IS USELESS,CORRUP IN GHANA HISTORY,FOOOOOLS

HAHAHAHA MAHAMA IS USELESS,CORRUP IN GHANA HISTORY,FOOOOOLS
BISMARK BOATENG 10 years ago

UNDER MY FOOT , MORE THAN PRPOPAGANDIST

UNDER MY FOOT , MORE THAN PRPOPAGANDIST
Asante 10 years ago

Casely's definition of BUDGET:
"The founding member of pressure group Occupy Ghana added “What constitutes a budget, first of all initially is a comparison of what you said you were going to do last year and what you achie ...
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Casely's definition of BUDGET:
"The founding member of pressure group Occupy Ghana added “What constitutes a budget, first of all initially is a comparison of what you said you were going to do last year and what you achieved this year and that should be in detail…that was never done and has never been done in this country in a long time."

Casely, please do not criticize for criticising sake. A budget is a forecasting tool. A budget is a summary of probable expenditures and income for a given period. Asystematic plan for meeting expenses in given period. The total sum of money allocated for a particular purpose or time period.

What you defined is comparison of pror year budget and that of a coming year. 2016 budget is not about comparison of budgets.
Twum 10 years ago

Only their kind will follow them.I feel very angry!!!

Only their kind will follow them.I feel very angry!!!
Onipaba 10 years ago

Well stated.What did Ghana do to deserve such mediocre.Team B &C.Taking the whole nation for a ride

Well stated.What did Ghana do to deserve such mediocre.Team B &C.Taking the whole nation for a ride
Afrikikoman 10 years ago

I thought colonial master and servant naming are over in the country. Oh! We still have residues.

I thought colonial master and servant naming are over in the country. Oh! We still have residues.
obaa yaa 10 years ago

DID NDC PROMISE TO IMPLEMENT NPP MANIFESTO? SNR, PLEASE LET'S BE FAIR, IF NDC'S BUDGET WAS THEIR MANIFESTO, THAT WAS WHAT THEY CAMPAIGN ON

DID NDC PROMISE TO IMPLEMENT NPP MANIFESTO? SNR, PLEASE LET'S BE FAIR, IF NDC'S BUDGET WAS THEIR MANIFESTO, THAT WAS WHAT THEY CAMPAIGN ON

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2016 budget was an NDC “manifesto” – Casely-Hayford

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