2024 Budget: Franklin Cudjoe Fears Ofori-Atta Will Fail To Tackle Structural Issues In Economy

2024 Budget: Franklin Cudjoe Fears Ofori-Atta Will Fail To Tackle Structural Issues In Economy

  • Franklin Cudjoe, president of IMANI Africa, a think tank, has expressed modest expectations for the upcoming 2024 budget, emphasising the need for structural reforms
  • In an exclusive interview with YEN.com.gh, Cudjoe highlighted concerns about inefficiencies in the public sector
  • The IMANI Africa president also suggested that there must be a comprehensive approach to addressing waste, both in terms of corruption and the procurement of services for the economy to recover

Franklin Cudjoe, the founding president of IMANI Centre for Policy and Education, has said that going by previous budget statements under the current Akufo-Addo administration, the crucial 2024 budget is not likely to impress.

He told YEN.com.gh in an exclusive interview that the budget statement to be presented in Parliament by Ken Ofori-Atta, the finance minister, would probably not tackle the structural issues destroying the Ghanaian economy.

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The finance minister will present the government's 2024 Budget Statement on the morning of November 15, 2023.

Franklin Cudjoe Fears Ofori-Atta Will Fail To Tackle Structural Issues In Economy
Ken Ofori-Atta (L) and Franklin Cudjoe. Source: Facebook/@franklin.cudjoe, Getty Images
Source: UGC

The presentation is expected to outline strategies for revenue generation and policies to address the economic crisis.

In the past, the Minority warned the government against a plan to introduce new taxes with this budget. Former minority leader Haruna Iddrisu has said that at this stage, the Akufo-Addo government won't redeem itself from the current economic meltdown.

Franklin Cudjoe says he's not expecting much from 2024 budget

In response to YEN.com.gh's request for a comment on the upcoming budget, Franklin Cudjoe expressed tempered expectations.

He emphasised the need for the budget to lay the building blocks for a more robust future, highlighting the persistent structural issues that require attention.

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He expressed uncertainty about how the budget would address them.

"Frankly, I don't have any big expectations on the budget, except to say that the budget must be able to lay the building blocks of the next that we never really had.
"I don't know how it is going to respond to the structural issues that we need, because those things are still solidly intact and unfortunately we have not been able to do anything on that particular tangent," he told YEN.com.gh.

He also delved into the importance of a comprehensive approach to tackle not only corruption-related waste but also inefficiencies in the procurement of public services.

He raised concerns about the large public sector workforce of nearly 800,000 employees, questioning the productivity derived from such numbers.

According to him, addressing the efficiency and productivity of the public sector is crucial for the country's progress.

"If we don't see a root and stem approach to dealing with some of the waste...this country is going nowhere," he said bluntly.

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Furthermore, Cudjoe critiqued the significant increase in the public sector workforce during the current administration, noting that over 300,000 employees have been added to the existing 500,000.

This expansion, in his view, raises questions about the overall productivity and sustainability of such a workforce size.

In essence, Franklin Cudjoe emphasised the need for a strategic and efficient budget that addresses structural issues and promotes a more productive public sector, laying the foundation for a sustainable and prosperous future for the country.

Dumsor to ease as government reaches deal to settle $20m debt

In another news on the economy, YEN.com.gh reported that the government has secured a payment plan with the West African Gas Pipeline Company to settle a $20 million debt.

West African Gas Pipeline Company stopped the gas supply needed for power generation, leading to power cuts nationwide.

The Ghana Grid Company announced a supply gap of 550MW at peak time because of the limited gas supply.

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Source: YEN.com.gh

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