The holes in the 2024 budget from an Nkrumaist perspective

The 2024 budget is nothing but an imperialist-directed budget.

Ken Ofori-Atta, the Finance minister begins to read the budget by admitting that the 2024 budget was prepared by following the IMF "backed" which I believe he wanted to say "Instructed" directive called the PC-PEG.

On May 17, 2023, the IMF through a Staff agreement with Ghana's Ministry of Finance staff, granted Ghana an Extended Credit Facility (E.C.F ) with the condition that Ghana accept a program the IMF have designed which they call "PC-PEG".

This PC-PEG simply means the Post-COVID Program for Economic Growth.

Now looking at this design program from a lame man's point of view may cause you to think that, this is a good program for Ghana, but it is not. The two key legs of the PC-PEG are supposedly "Enhanced revenue and streamlined expenditure".

Now let's break them down.

To improve Revenue means to find means to collect more revenues from you and I who are already burdened with taxes.

So in his statement, the finance minister stressed this by saying that the finance ministry is going to embark on aggressive Revenue mobilization.

The question we the CPP should ask them is that, haven't we the Ghanaian taxpayers already paid taxes and enhanced Revenue mobilization through the payment of the Covid Levy even though we don't have Covid?

What about the universal payment of Sanitation even though we still make payments to the Garbage collecting companies?

Did we not accept to pay the E-Levy they imposed on us?

Did we not yield into the adjustment of VAT from 12.5% to 15.0%.?

So what happened to all the Revenue that was mobilized from the aforementioned? Why does this government want to burden us the taxpayer the more?

To streamline expenditure, the IMF is monitoring the expenditure of the government of Ghana, to synchronize what they deem urgent, important, and necessary.

This means that the IMF will determine which project is sponsored by the government and gets disbursement at what given time.

This manifested itself in the 2024 budget when Ken Ofori Atta said that the government of Ghana is going to "Rationalize its Expenditure".

This is why most contractors working on our roads have abandoned sites.

The road under construction in your region, town, area, or hometown will not be fixed any moment soon because the government doesn't have money.

This means local contractors, local suppliers, labourers, and many others who make up and enhance the domestic economy (Local economy) are going to be "liquidly trapped".

Which is going to make life unbearable for the ordinary Ghanaian.

A look at some key sectors of the economy and their performances in 2023:

Agriculture grew by 6.3%, industry grew by -2.2, and services also by 6.3%.

Now this vindicates the CPP and many Nkrumaists like myself who argued that investment in Agriculture is good business and so the government as part of its own Flagship program, Planting For Supposed Food Jobs and Rearing for Food and Jobs reconsider the CPP's policy of State Farming and target the foreign market?

Now Let's break it down.

State Farming is a situation where the government goes into large-scale farming on behalf of the people of Ghana to feed and make money for the people of Ghana.

In 2016, the flagbearer for the Convention Peoples Party, Comrade Ivor Kobina Greenstreet Esq told Ghanaians that all our natural resources like Gold, oil, Cocoa, etc have all been mortgage, and so there is a need for the government to think outside the box by exploring avenues to generate revenue to cushion our economy.

Lawyer Ivor Kobina Greenstreet Esq, therefore, proposed the farming of Almonds in large-scale state-sponsored farming.

Many laughed without asking him to share his research with them.

The States of California in the United States of America alone through its farmers raked in $3.9 billion in revenue from Almond fruit between 211 and 2012.

Is it, not the same 3 billion dollar facility we are begging from the IMF, which has led to never-ending Debt Restructuring, which has resulted in all forms of *"Haircuts"* and untold hardship for Ghanaians?

We the CPP still believe State Farming Almond, Rubber, and Teak trees among others will not only create jobs outside the chocked job basket but also earn us enough Forex to pay our debts, shore up our "International Reserves" and build our "Consolidated funds kitty".

The Growth of -2.2 in our industrial sector is an embarrassment to us as Ghanaians and exposes us to still running "A Gurggisberg Economy".

This also begs these questions from the CPP to the government.

First, where are our One District, One Factory? What are they producing? How much Revenue is being generated? What is the contribution of the realized Revenue to the GDP of our Economy?

Again when the government decided to lobby external investors to open businesses in Ghana, how did they support the local investor who is competitive?

For example, how much was given to Kantanka Automobile when other automobile companies or investors who already have billions as Capital were being invited to compete with them in the same market?

Again, why were most of the factories that produced "On-Demand goods" and "Still-on-Demand goods" built by the CPP government not considered and made part of the One District One Factory?

The Service industry also did 6.3%* in Revenue Generation in 2023, portraying that the Ghanaian taxpayer did their best to give what is due government.

The CPP believes that there are thousands of able bodies in our Youthful population as a country who are willing to work to boost our economic growth in the Service sector.

The attempt to outsmart Ghanaians:

Ken Ofori Atta mentions a "Tax waiver" for electric Cars and electric car parts.

This well-calculated "Mischief" is a smack on the face of Ghanaians and begs a question to Mr. Ofori Atta.

First of all, CPP members like myself want to know how many of the State vehicles at the Presidency are electric vehicles.

Again how many of the vehicles in the Ministries including the Ministry of Finance and the district assemblies in the country are electric vehicles?

Again we members of the CPP want to know how many of the State Commercial vehicles from STC to Metro Mass vehicles use electricity.

Again members of the CPP like myself want to know if Mr. Ken Ofori Atta found out from the GPRTU-TUC how many of their vehicles are using electricity.

How about the Commercial Transport Owners Association?

This deceit of a tax waiver will not bring any Ghanaian financial relief.

Again the Akufo-Addo-led government which promised to reduce inflation when voted into power took inflation from 17.15 % to over 50%, and due to lack of liquidity in the system dropped to 31.26% brags of reducing the inflation further to 15%.

We want to know how the government intends to do that, especially now that the state is not manufacturing anything.

Again the government and a large extension the finance minister should be reminded that they have lost their "Regulatory power"!

The 2024 Budget is nothing But an "Imperialist Backed Crucifixion of the Ghanaian Budget".