2024 Budget: One trillion Ghana cedis GDP target not based on true economic growth – Kofi Adams
Member of Parliament for Buem Constituency, Kofi Adams, says there is nothing to celebrate about the 2024 budget statement.
The statement which was read by the Finance Minister, Ken Ofori-Atta, on the floor of Parliament on Wednesday has faced sharp criticism particularly from the main opposition party, the National Democratic Congress and trade unions.
They accuse the Finance Minister of failing to adequately address the teething issues in the country’s economic downturn.
This is despite the Minister stating that the country has turned a corner and is on its path to full economic recovery.
Reacting to the Minister’s assertion, Kofi Adams stated that, “The general view is that this is not a budget that you can tell me that we have turned a corner or we will be able to achieve any success.
“The businesses cannot smile; you and I cannot feel any change in our pockets because it all comes down to what you feel in your pocket. That is how the budget should be analysed.
“At the end of the day all the figures that are thrown out there, all the indicators that are given, how do you feel it in your pocket?”
The Finance Minister had also stated that the country was well on its way to hit a gross domestic product level of one trillion Ghana cedis in 2024.
Touting it as a historic achievement, he vowed to ensure that the country achieves this yardstick within the final year of President Akufo-Addo’s tenure in office, the government, he said, is jealously guarding the foundation for sustained economic expansion.
But, Kofi Adams, says the supposed growth of the economy is largely being achieved on the level of inflation and not true economic growth.
Explaining his point, he said, “If I have this pen and it is a 1000 cedi and as a result of inflation the value of this pen has moved to say 1,200, it still remains just one pen. I haven’t added anything to the pen.
“So you look at that sum and announce as if you have grown when actually you have not grown. It is as a result of the poor management of the economy and the rising inflation you’re reporting as if you have done that well. So I don’t see any hope in this budget.”
Source: Ghana News
