Minority Leader, Dr. Cassiel Ato Forson has expressed disappointment in the 2024 Mid-Year Budget Review, stating it signals the governing New Patriotic Party’s (NPP) impending transition to the opposition.
Dr Ato Forson’s remarks followed Finance Minister Dr Amin Adam’s presentation of the review on Tuesday, July 23.
The minister highlighted the government’s efforts to reverse negative economic trends and control expenditures, reporting a provisional total debt of GH¢742 billion (US$50.9 billion) as of June, representing 70.6% of GDP. He assured that the government is living within its budget.
Despite these assurances, Dr. Ato Forson criticized the review for not abolishing certain taxes, such as the COVID levy, E-levy, and emission levy.
The former Deputy Finance Minister argued that these taxes have contributed to Ghana’s high tax regime, driving businesses and citizens out of the country.
According to Dr. Ato Forson, the government’s inability to introduce innovative measures demonstrates a lack of vision and commitment to addressing the country’s pressing economic issues.
The Minority Leader also referenced the majority caucus’s jubilation song “Abamu awie,” suggesting that the NPP is now on its way to opposition.
He emphasised that the review, in his view, underscored the NPP’s failure to meet the expectations of Ghanaians.
Dr. Ato Forson urged the government to rethink its strategy and adopt more effective policies to revive the economy and provide relief to the citizens.
“At the very least Ghanaians expected that this mid-year review would have removed or abolished a number of taxes that have made Ghana a high tax regime to the extent that businesses are moving out of the country and the ordinary Ghanian is actually leaving the shores of this country. For example example COVID levy, E-levy, ‘Borla’ tax, tax on domestic electricity, emission levy.”
“Mr Speaker this is a missed opportunity. Mr Speaker instead the minister did not announce one single new policy. The minister did not introduce new ideas. Mr Speaker unfortunately Ghana is on autopilot, and our economy is on autopilot…All what I want to tell them, they are bereft of new ideas and I’m happy that they sang’ abamu awie’, you are on your way to opposition,” he stated.