Govt concealing data on true state of economy – Isaac Adongo
The Minority in Parliament has accused the government of presenting a budget that has been embellished with deceptive data to help hide the true state of the economy and give it a better image in the eyes of the suffering masses.
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The Member of Parliament (MP) for Bolga Central, Mr Issac Adongo, told the GRAPHIC BUSINESS in an interview that what the Minister of Finance, Mr Ken Ofori-Atta, said about the economy yesterday reflected the state of the economy as of June this year, and not the end-year period that he indicated.
Instead of using the 2018 budget to provide the country with data on the performance of the economy as of September, this year, Mr Adongo said the minister chose to limit the data to June to help make it “very difficult to understand.”
Deceptive deficit figures
He again noted that the deficit figures stated in the budget did not reflect the total debt position of the country as of the end of September, this year.
He said although the government had borrowed in October and November, with an intention to borrow more in December as captured in the Bank of Ghana’s issuance calendar, those debts were not captured in the budget.
“The minister says that they have reduced the debt-to-GDP ratio from 73 per cent as of December 2016 to 68 per cent at the end of September 2017, but whereas the December 2016 figure includes debt of October, November and December itself, this government’s figure does not include the debt of October, November and December, this year”.
As a result, Mr Adongo said the government was wrong in comparing the debt.
“We have said that the government’s economic policy for 2018 is going to bring hardship and increase the burden of Ghanaians because it does not reflect the true account of the economy,” he added.
The Finance Minister in presenting the budget on Wednesday mentioned the government’s intended expenditure for the 2018 fiscal year and how the government intends to finance its ambitious projects.
The budget also captures the major economic policies of the government on how to speed up the country’s economic growth and consolidate the gains made in the 2017 ‘Asempa’ budget.
However, Mr Adongo noted that the government was not spending enough and that had brought hardship to Ghanaians.
“The government is not spending. For instance, they are not paying contractors, who would then buy building materials and then the money goes around.”
“When government is not spending, money does not circulate in the economy and it results in hardship,” he added.