The 2024 Budget Presentation marks the last budget for the Nana Addo – Bawumia – Ofori Atta triumvirate which has controlled the economic direction of Ghana for the last 7 years.
Following its presentation, the Minority Leader, Dr. Cassel Ato Forson, has called the budget which was named “Nkrnim” (Victory) empty and insensitive.
According to him, and on behalf of the Minority in Parliament, Dr. Ato Forson further indicated that the government is leaving behind a bankrupt economy.
“Mr. Speaker, let me say that this particular budget is the true definition of an empty budget. Clearly, Mr. Speaker, the NPP government said bye-bye to the people of Ghana. This budget is insensitive, and out of touch!
“Mr Speaker, the Minister, and members of the Economic Management Team led by our Vice President are leaving behind a bankrupt economy. We need to note that this government is leaving behind a bankrupt economy. This government is leaving behind a default economy, in other words, a “yenta” economy.”
Dr. Cassel Ato Forson -Minority Leader
He added that the government was leaving behind an over-taxed economy.
“Mr. Speaker, this government is leaving behind a debt-riddle economy. It is leaving behind an economy that is over-taxed. You are leaving behind an economy that is seeing hyperinflation. You are leaving behind an economy that is seeing high food inflation and you are leaving behind an economy that is seeing high monetary policy rate.”
Dr. Cassel Ato Forson -Minority Leader
According to Dr. Forson, as if those were not enough, the government is leaving behind an economy with a high lending rate and a high unemployment rate. Worst of all, he argued that the government has achieved a record misery index that has never been witnessed in this country before in this fourth republic.
“In other words, ahokyere economy”, he termed.
Moreover, he added that the economy as it is now is riddled with massive and uncontrolled corruption. Indicating the lack of confidence amongst the citizenry and government as well, he questioned the absence of the Governor of the Central Bank.
“Mr. Speaker, this is the scorecard of this government. This is the legacy they are leaving behind. And most importantly, I am not surprised that today, the minister is here reading the budget alone. Where is the governor of the Bank of Ghana and the vice president?
“But let me say, they cannot abandon you. You did this with them so you are the faces of destruction.”
Dr. Cassel Ato Forson -Minority Leader
He bid the Minister and the government well and said goodbye to their “bad” governance.
Finance Minister’s Summary
Earlier, in a resounding address to Parliament, Finance Minister Ken Ofori-Atta articulated the collective achievements of Ghana, charting a transformative journey from economic struggles to stability and growth.
The 2024 budget presentation underscored the positive impact of seven years of strategic investments on individuals, households, businesses, and communities.
The Finance Minister highlighted a nation that is now safer, more connected and boasts a more educated and skilled population.
Ghana’s policy approach has laid the foundation for a country where ingenuity, innovation, and public service are encouraged, prosperity is shared, and accountability for public resources is prioritized.
Ofori-Atta reflected on the challenging landscape when he first addressed the House in 2017, with the infamous ‘dumsor’ crisis crippling incomes, weak financial sectors, and unmet educational needs. The biblical analogy of multiplying five loaves and two fishes exemplified the approach to turning the economy around.
The Finance Minister presented a series of remarkable achievements; a nominal GDP growth from GH¢262 billion in 2017 to GH¢1 trillion in 2024, investment in the future through the Free SHS program, providing 1,261,495 students access to secondary education, enhanced support for the poor and vulnerable, increasing beneficiary households from 212,545 in 2017 to 350,000 in 2023, investment in major road networks, small businesses, and strategic establishment of over 160 factories under the 1D1F program.
The government’s commitment to job creation, supporting public workers during the COVID pandemic, and investing in health infrastructure under the Agenda 111 initiative were also highlighted.
Ghana’s newfound wealth in lithium and graphite, extracted under the Green Minerals Policy, is set to support the energy transition. Concessions and negotiations with mining companies, localizing benefits, and listing on the Ghana Stock Exchange exemplify the government’s strategic approach.
Closing with a call for courage and unity, Ofori-Atta celebrated Ghana’s immense progress and urged against unfounded pessimism. The “NKUNIM” Budget, translating to triumph, reflects a resilient nation on the path to greatness.
As Ghana crosses the GH¢1 Trillion GDP mark. “We are resilient, and we shall prevail because the Battle is still the Lord’s”, the Finance Minister re-affirmed.
