The Minority disclosed this at a Breakfast meeting on Monday with stakeholders ahead of the 2018 budget and economic policy in Accra
Speaking at a Breakfast meeting on Monday with stakeholders ahead of the 2018 budget and economic policy in Accra, Minority Spokesperson on Finance, Cassiel Ato Forson, said: “Unfortunately, the state will be ending the year with s Debt-to-GDP ratio of approximately 73.6 percent.”
“When the Energy Bond and the UT/Capital Bank bond is added, the Debt-to-GDP will rise to 76.8 percent from 72.5 [inherited from the previous government]. Ghana is heading toward HIPC. Ladies and gentlemen, don’t be surprised if by the end of 2019, we are declared HIPC,” he said.
The Minority MPs further asked Ghanaians to prepare themselves for difficult times ahead as they cast doubts on the government’s budget and economic projections for 2018.
The president, Nana Akufo-Addo has said the 2018 budget will create jobs for the ordinary Ghanaian but the Minority MPs disagree.
“We believe that the 2018 budget won’t create jobs. How can you create jobs when commercial banks are in a big distress? The local banks don’t have the liquidity to lend to the private sector to create jobs.
“Ladies and gentlemen let us be assured that next year there will be severe austerity and hardships equivalent to 1983,” Cassiel Ato Forson said.