The 2024 Ghana Economic Policy Budget statement presented to the parliament has nothing to offer than a projection of huge deficit since the government cannot for see how he can put prudent fiscal financial discipline in place to control likages in the country through high government expenditure.
Mr. Bernard Takyi Oduro a Certified Economist, disclosed this on Adekyee Mu Nsem morning show on Ahotor 92.3 FM hosted by Nana Dogbey in Accra. He is of the view that, the key indicators on which the country economy could stand on are all weak.
This he reiterate saying high inflation rate, weak currency, unemployment and food inflation points to the facts that, since the budget cannot show clearly how this challenges can be solved; he believes going into the future the government is likely going to create more deficit for the country.
Mr. Bernard Takyi Oduro, opined that, the economy is in depression since government financial projection cannot meets major projects the government plan to carry out in its fiscal year, always we have to borrow to meet all our current and recurrent expenditure.
Practically government financial year is always pregnant with projects where the money budgeted for cannot be met, but government expenditure is always blotted with activities that cannot bring any direct revenue into the economy. And always our expenditure exceeds revenue.
He is of the opinion that though there is global recession government business is hugely eating into all our productive ventures which does not bring any meaningful results, which makes the country financial balance sheet to be in negative all the time.
Mr. Bernard Takyi Oduro, said going forward into the future government must cut its coat according to its size, by inculcating strict financial discipline to control government expenditure not to exceeds revenue from taxes.
The tax burden is killing a lot of businesses and there is a need for the government to discourage from borrowing from external markets with high risk interest rates to balance its revenue gap.
He call on the government to engaged in more productive projects that can pay for itself, than bloating the government expenditure with reckless cost elements that creates an avenue for people to exploit the government through high cost of projects.
AYM Kukah. E:mail:kukahalexander7@mail.com
