Ghana’s Economic Growth Downgraded to 1.5% – Hon. Dr. Cassiel Ato Forson Criticizes Government’s Performance

In a recent parliamentary session, Hon. Dr. Cassiel Ato Forson, the Minority Leader, paid keen attention to the Minister of Finance’s remarks on the state of Ghana’s economy. The Minister boasted about turning the corner and leaving the crisis behind, but the figures presented raised serious doubts about such claims.

The first point raised by the Minority Leader was the Minister’s broken promise not to borrow from the domestic market in 2023. Despite this assurance, the Minister has already borrowed GHC 5.5 billion and plans to borrow an additional GHC 41.3 billion from the T-bill market before the year’s end. This contradicts his initial commitment and adds to the country’s financial burden.

Another cause for concern was the downward revision of Ghana’s economic growth for 2023, plummeting from the projected 2.8% to a mere 1.5% of GDP. This sharp decline indicates the country’s struggle to regain economic stability.

The Minister’s claims of relative stability of the Cedi to the US dollar were also debunked by the Minority Leader. According to him, this supposed stability is mainly due to Ghana’s default in paying interest and principal on external loans owed to Euro bond lenders, foreign banks, China, India, UK, France, Germany, Saudi Arabia, and other bilateral partners. Such actions have consequences and jeopardize the nation’s financial standing.

In conclusion, the Minority Leader expressed his disappointment at the Minister’s handling of the economy, labeling it a missed opportunity. He warned the public to brace themselves for tougher times ahead, given the current state of affairs. The situation calls for greater scrutiny and accountability to ensure the welfare of the nation and its citizens.