The National Democratic Congress (NDC) Minority in Parliament has expressed disappointment with the government’s economic strategies as presented in the 2024 Mid-Year Budget Review.
Minority leader Dr. Cassiel Ato Forson criticized the budget review as ‘uninspiring’ and ‘bereft of new ideas,’ arguing it provides no hope or solutions for Ghanaians’ numerous challenges.
According to the leader, the address by the Minister of Finance was typical of this government, stating, “It leaves many people disappointed and uninspired. It gives no hope to the ordinary Ghanaian that anything will be done to change the unbearable hardships confronting the people of Ghana.”
Finance Minister Mohammed Amin Adam presented the 2024 budget review statement to Parliament on Tuesday July 23, in his first major duty since being confirmed as the replacement for Ken Ofori-Atta.
Ato Forson condemned the high tax regime under President Akufo-Addo and Vice President Bawumia, listing some levies imposed over the past eight years, including the E-Levy, COVID Levy, borla tax (Sanitation Levy), high taxes on petroleum products, emission Levy, burdensome charges across all sectors, over 40 new taxes and high VAT rates among others.
He emphasized that these taxes have made Ghana unattractive to investors, leading many businesses to relocate to neighbouring countries like Togo and Ivory Coast.
He said, “As a result, Ghana has lost many job opportunities. The high unemployment rate and relocation of businesses further exacerbate the country’s economic woes. Living in Ghana is now exceedingly difficult as the cost of living has become unbearable.”
The Minority leader also slammed the government’s failure to address rising food prices and the ineffectiveness of the Planting for Food and Jobs initiative.
According to him, high food prices are one of the major problems facing Ghana today and yet the mid-year review did not provide a roadmap to arrest the escalating food prices.
The Minority called for the removal of several taxes, including the E-Levy, COVID Levy, and the Betting tax, arguing that these measures would alleviate some of the financial burdens on Ghanaians.
The Caucus warned that the current economic challenges pose a threat to national security, underscoring youth unemployment and food insecurity as significant concerns.
“The greatest threat to our national security today is youth unemployment and food insecurity,” Ato Forson warned, citing the recent Afrobarometer report that shows a decline in confidence in Ghana’s democracy.
The Minority leader assured Ghanaians that the NDC is committed to addressing these challenges and declared, “The NDC pledges to confront these challenges head-on beginning January 2025.”
He reiterated the NDC’s awareness of the hardships faced by Ghanaians and stressed that the hopelessness of the youth, the suffering of the ordinary Ghanaian, and the unbearable hardship confronting businesses cannot be ignored.
He assured that the NDC is committed to reversing these trends and restoring hope and prosperity to our nation.