Minority Leader Dr. Cassiel Ato Forson has strongly criticized the 2024 mid-year budget, describing it as “uninspiring” and “hopeless” in addressing the economic challenges facing Ghana.
On Tuesday, July 23, Finance Minister Mohammed Amin Adam presented the 2024 mid-year budget review to Parliament, outlining the government’s fiscal plans for the remainder of the year. The review aimed to update the country’s fiscal projections and highlight measures to ensure macroeconomic stability.
During his address, Finance Minister Amin Adam emphasized the government’s commitment to fiscal discipline, assuring that they would adhere to budgetary allocations and manage expenditures carefully to avoid overspending. He highlighted the government’s efforts to reduce the deficit and promote economic growth.
Despite these assurances, Dr. Ato Forson expressed his concerns to the media, urging Ghanaians to brace for more hardship in the face of the government’s fiscal policies. He argued that the mid-year review failed to provide any meaningful relief to Ghanaians, who are struggling with high living costs and economic hardship.
The Ajumako-Enyan-Essiam Member of Parliament contended that the government missed an opportunity to provide relief by abolishing certain taxes, which could have cushioned Ghanaians and businesses alike. He cited the E-levy, COVID levy, and high VAT rate as examples of taxes that have burdened Ghanaians and businesses.
Dr. Ato Forson stated that the mid-year review “leaves many people disappointed and uninspired” and “gives no hope to the ordinary Ghanaian that anything will be done to change the unbearable hardships that confront the people of Ghana”. He emphasized that the government’s policies have failed to address the pressing issues facing Ghanaians.
He highlighted the government’s tax policies, citing the introduction of the E-levy, COVID levy, and an effective VAT rate of 22% as examples of the “high tax regime” imposed on Ghanaian businesses and individuals. Dr. Ato Forson argued that these taxes have increased the cost of living and doing business in Ghana.
Dr. Ato Forson emphasized that these taxes have burdened Ghanaians and businesses over the past eight years, under the leadership of President Akufo-Addo and Vice President Bawumia. He argued that the government’s policies have failed to promote economic growth and reduce poverty.
The Minority Leader’s criticism of the mid-year budget reflects the Minority’s concerns about the government’s fiscal policies and their impact on the welfare of Ghanaians. He urged the government to reconsider its policies and provide meaningful relief to Ghanaians.
Dr. Ato Forson’s comments have sparked a debate about the government’s fiscal policies and their impact on the economy. The government has defended its policies, arguing that they are necessary to promote macroeconomic stability and reduce the deficit.
