Minority Leader, Dr Cassiel Ato Forson, has expressed his reservations about government’s position on the current economic crisis being experienced in the country.

According to him, President Akufo-Addo’s speech on the State of the Nation Address does not wholly reflect the true state of the country’s economy. He revealed that the minority’s position on the address is that inflation is currently rising, monetary policy rate is also at 28% and the Ghana cedi has depreciated by 20% in January alone.

Speaking on the floor of parliament, Dr Forson stated that unemployment is also “exceedingly high” and lending rate is at 40%.

“Mr President, our country is in tatters largely because it is self-inflicted; your government inflicted it on us and failed to act. Mr President, this is your scorecard… and this is the true state of the nation.”
President Akufo-Addo

The Ajumako-Enyan-Esiam legislator, who was invited to second the motion for the House’s adjournment, further enumerated some issues which he says reflect the actual state of the country but were not captured in the day’s address. He stated that there is indeed widespread despair and disenchantment among the people, as millions of Ghanaians are going through unbearable hardships and excruciating pains.

“Our economy is in its worst shape in decades. In fact, Ghana’s economy is bankrupt or insolvent. We are currently unable to repay our debt. Ghana has officially defaulted in the repayment of our debt since January 2022. Yet, Mr President, your government is failing to cut down on the size of government and public expenditure. Ghana is witnessing hyperinflation largely because your government allowed the Bank of Ghana to print GHC50 billion for the year 2022…”
Dr Cassiel Ato Forson

In the Address, the President among other things, underscored that the NPP administration was judicious in its borrowing and spending. In light of this, he stated that allegations of profligate spending are untenable.

Importers and Exporters Association loses confidence in government

Meanwhile, the Importers and Exporters Association of Ghana has disclosed that its members and the business community have lost confidence in the President Akufo-Addo-led government. The association believes that it’s time the government charts a new path in restoring the economy by bringing some form of hope to Ghanaians.

Owing to this, it described the 2023 State of the Nation Address (SONA) which was delivered by the President on March 8, 2023, as nothing short of hopelessness to the business community.

Contained in a statement signed by its Executive Secretary, Samson Asaki Awingobit, in reaction to the Address, it expressed that “the President’s 2023 state of the Nation Address fell short of our expectations”.

“We thought the President would have taken advantage of the 2023 SONA to give some hope to the business community and even the ordinary consumers (citizens). However, the Nana Addo-led government once again confirmed our long-standing conviction that they (government) have lost touch with reality and the sufferings of Ghanaians.”
Importers and Exporters Association of Ghana

Furthermore, it highlighted that the Akufo-Addo led government has since its assumption of office, introduced more taxes on the business community rather than putting in place pragmatic measures to bring some sort of relief to the industrial sector. As a result, the association noted that it is saddened to have heard the President impressing on Parliament to, as a matter of urgency, speed up the passage of two important bills that it reckons will hurt the business community.

“The bills – the Income Tax Amendment Bill, and the Excise Duty Tax, if passed, will lead to a higher increase in the cost of doing business in the country.”
Importers and Exporters Association of Ghana

Furthermore, the association emphasized that with inflation high and the cedi steadily deprecating, whereas lending rates have become unattractive, coupled with high utility tariffs which have seen Ghanaian producers passing on the cost to the ordinary consumers, it fears for the worse if these two bills are passed by Parliament.