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Business News Fri, 30 Jul 2021

This is the gimmick of the century - Ricketts-Hagan descends on Mid-Year Budget

• Many more NDC MPs have been reacting to the Mid-Year Budget Review by the Finance Minister, Ken Ofori-Atta

• A former deputy finance minister, Kweku George Ricketts-Hagan, has said that the review is a gimmick

• He explained that with debts to be paid, it does not make sense that the government isn't asking for more money to spend


The Member of Parliament for Cape Coast South, Kweku George Ricketts-Hagan, has described the budget read by the Minister of Finance, Ken Ofori-Atta, as the gimmick of the century.

He explained that the fact that the government has stated that it is not seeking approval from Parliament for more money to spend gives him the very reason to be concerned.

He wondered, should that be the case, where the government intends to get money from to offset all the debts it has accumulated and to ensure that government business progresses.

“This is actually a gimmick of the century. He just started off by getting us excited unnecessarily because all the things he’s talking about are not going to happen. First and foremost, you said you are not asking for new money, great. No taxes, people will be happy but how are you going to pay for things? You have enough money to do that with the current climate we’re in?” he quizzed.

Ken Ofori-Atta was in Parliament on Thursday, July 29, 2021, to read the 2021 Mid-Year Budget Review as part of his mandate, during which he said that they will not be seeking extra money to be spent in the year.

“Respectfully, Mr. Speaker, let me repeat. I am not here today to ask for more money. I have not come to ask for more taxes. I have come to update the House on the performance of the economy for the first half-year of 2021 and our plans for the unexpired term of the year, consistent with section 28 of the PFM Act,” he said in Parliament.

But, sharing his reaction to the statement by the minister, the National Democratic Congress MP, and a former deputy minister of Finance, said that it will be impossible for the government to handle such a provision especially when there are debts to be paid.

“It’s just simply not possible, I mean, just think about it. In the first part of the year, according to him, the reason why our debt is high, he talked about Eurobonds, he talked about the pandemic which has become the usual excuse. The last thing, which for me is important, is that they have to do upfront financing to be able to finance the first six months of the year,” he explained.



Source: www.ghanaweb.com
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