The Minority in Parliament has described the 2022 budget statement presented to Parliament on Wednesday as disappointing.
Expressing their thoughts on the budget in a press statement, the Minority said the budget fails to solve a myriad of economic problems such as the huge and unsustainable public debt, deteriorating credit ratings and a complete loss of confidence in the Ghanaian economy, an unprecedented budget deficit of 15.6% and primary deficit of 8.8%, severe hardships and extremely high cost of living among others.
“We had hoped that the terrible state of the economy would compel the government to propose policies in the budget that address the most pressing concerns of unsustainable debt, hardships, high cost of living, fiscal indiscipline, unemployment, arrears clearance and misuse of public resources.
“To the surprise of the people of Ghana, the Akufo-Addo/Bawumia government has failed to show that they have solutions to these problems in this budget. This budget is not responsive to the most important issues affecting the economy. The people of Ghana have been left entirely to their fate and have to brace themselves for even more severe hardships this Christmas into the new year.
“Unemployment is expected to rise, our debt will keep rising and much-needed investor confidence will be further eroded. In the circumstance, it is obvious that a review budget will be required to correct the serious fiscal imbalances and distortions that this budget will create. By every indication, this budget will worsen the plight of Ghanaians and drive them into more hardships, suffering, pain and poverty,” the Minority statement on the budget -- signed by Ranking Member on the Finance Committee of Parliament, indicated.
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The MPs have called on Vice President Dr Mahamudu Bawumia to walk “his lofty talk in opposition” and clean up the mess he has created in the Ghanaian economy to ensure an immediate end is brought to the hardships and suffering of Ghanaians.
“He must admit that his policies have failed and the Ghanaian economy is in a crisis that this budget cannot salvage it from,” the statement stressed.
Read the Minority's full statement on the budget below.