Minority demands new budget; claim November 2018 budget cannot be relied on

Minority demands new budget; claim November 2018 budget cannot be relied on

The Minority in Parliament is demanding a new budget from the government that addresses the current difficulties in the country.

According to the Minority Spokesperson on Finance, Cassiel Ato Forson, it has been proven so far that the budget presented in November 2018 cannot deal with vulnerabilities of the economy as shown in the exchange rate and other economic indicators.

Addressing a stakeholder engagement, Ato Forson asked the government to at least come before Parliament with a statement outlining critical policy changes that will enhance the prospects of the economy.

Minority demand new budget

Minority Spokesperson on Finance, Cassiel Ato Forson Source: DepositPhotos
Source: Depositphotos

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“The rapid decline in the value of the cedi has thrown the economy in disarray and the projections surrounding it as contained in 2019 budget. This has therefore undermined the confidence in the economy which is also sending wrong signals to the investor community. This calls for urgent steps to be taken by government to restore the economy.

At the minimum we expect a statement to Parliament assuring the nation on the steps taken by government to address the instability of the economy," he said.

Ato Forson said the budget presented earlier by the Minister of finance could no longer be relied upon.

"The budget as presented by the Minister of Finance can no longer be relied upon. It’s credibility and stability have completely been undermined by the cedi,” he added.

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The cedi has depreciated against the dollar from GHc 4.9 to over GHc 5.5 since the turn of the year 2019 sparking concern in the business community, among others.

Finance Minister, Ken Ofori-Atta, last week said the free fall of the cedi against major foreign currencies especially the dollar, will be curtailed in the coming weeks.

He said the government expects some fresh injection of capital such as the $750 million Standard Bank bridge facility to deal with the challenges the cedi is currently facing.

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Source: Yen.com.gh

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