The Member of Parliament (MP) for Ajumako-Enyan-Esiam Constituency, Cassiel Ato Forson, has shared his thoughts on the state of the economy as presented in the 2022 Budget.
He says the economy is unrealistic and sick.
“All is not well for us. Mr Speaker as we speak the Ghanaian economy is in an intensive care unit. Mr Speaker, permit me to diagnose the sickness of the Ghanaian economy,’’ he requested.
He said the sickness the economy is suffering from is known as ‘Sadossis’.
‘’Mr Speaker, it will surprise you to know that the Ghanaian economy today is sick from what we call stagflation with acute depth over hand syndrome. In other words, you can call it ‘sadossis’. Mr Speaker, I say so for a simple reason. Stagflation is a situation in an economy where there is slow and jobless real sector growth, that is accompanied with high unemployment and rising inflation,’’ he said.
According to him, unemployment is one of the national security threats in the country and a major contributing factor to the ailment.
He further explained that the estimation in the 2022 Budget statement concerning tax revenue before Parliament has been over projected by GHC 10 billion representing 2% of Gross Domestic Products (GDP).
“Mr Speaker, I am sorry to say that the estimation of the budget before us concerning tax revenue is over projected by GHC10 billion representing 2% of our GDP,’’ he revealed.
According to him, the 2022 budget, presented by the Minister of Finance, Ken Ofori-Atta, is the “most inconsistent, wrongly estimated budget I have ever seen since I became a Ghanaian; in fact since Kwame Nkrumah went to jail.
“Currently, we are sick from Sadossis as a result of your wrong projections, if care is not taken Ghana is going to be sick with Sadossis 2. And that would mean that we are going to the intensive care unit,’’ he said.