‘You Have Rather Deepened Our Woes’ – Ato Forson Tellls Ofori-Atta

On July 31, 2023, 8:11 PM

Minority Leader, Cassiel Ato-Forson has opposed the Finance Minister’s notion that the country is showing signs of recovery.

The legislator contends that the proclamation by the Finance minister does not hold water especially when the minister continues to borrow despite assurance to refrain from it.

Ken Ofori-Atta while addressing Parliament during the Mid-Year Budget Review on Monday, July 31, 2023, highlighted the significant progress made in Ghana’s economy since the decision to go to the International Monetary Fund (IMF) for a bailout.

He told the House that “we have turned the corner and, more importantly, we are determined to continue down that path.”

https://www.theghanareport.com/we-have-turned-the-corner-ofori-atta-on-ghanas-economic-crisis/

But the minority leader refuses to accept the pronouncement.

Speaking on the floor of parliament after the minister’s presentation, Ato Forson insisted that the impression created by the Minister is false.

“He said that the performance so far shows that, we have turned the corner. Unfortunately, the evidence and the numbers before us, show us that he has rather deepened our woes.

“I say this because he has said to us today that he’s revising economic growth from 2.8% of GDP to 1.5% of GDP. Again, he said to us here and now that he has borrowed 5.5 billion Ghana cedis from January to June, from the T-Bill market. Mr. Speaker, not long ago, this same Minister informed us that he will not borrow at all in the year 2023. And that going into the remaining parts of the year, he is going to borrow another 41 billion Ghana cedis.”

“Aside from that, the cedi depreciation we are seeing so far, it’s largely because we have defaulted in the payment of external interest and principal. That is why the cedi has depreciated,” Mr. Ato Forson retorted.