THE NATIONAL Communications Officer of the National Democratic Congress (NDC), has Sammy Gyamfi, has punched deep holes into the 2024 budget statement presented by the government, saying that the 2024 budget didn’t address economic bankruptcy and excruciating hardships in the country under President Nana Dankwa Akufo-Addo led New Patriotic Party (NPP) government.
Mr Gyamfi stated that the budget lacks hope for Ghanaians and does not effectively address the prevailing hardships in the country.
In a news item by Sammy Gyamfi captured by Soireenews.com, the NDC communicator stressed that since the Akufo-Addo administration took office in 2017, none of its budgets has adequately met the demands of the citizenry.
“The 2024 budget failed to address the economic bankruptcy and excruciating hardships Ghanaians are reeling under, owing to reckless mismanagement by the Bawumia-led Economic Management Team.”
He noted that the lowest point in the 2024 budget speech, was when the Finance Minister sought to celebrate Ghana's nominal GDP reaching the trillion cedi mark.
According to him, the truth of the matter is that, this increase in nominal GDP has come about as a result of the extremely high rate of inflation we have witnessed in recent time. It is not indicative of actual growth in production whatsoever.
"In a high inflation environment as we've seen in the last couple of years, it is not surprising that nominal values will record big jumps. Hence, nominal GDP may indicate an increase whereas it is all fluke.
"What is most important, is real GDP which takes into account inflation. Any economist worth his salt should know this. This is trite.
"The projected nominal GDP of GHS1 trillion therefore has no significant positive bearing on the ever-worsening livelihoods of Ghanaians. In fact, it means nothing for the ordinary Ghanaian whose economy is his pocket.
"If nominal GDP is anything to go by, then Ken Ofori Atta must be reminded, that what he is touting as a great achievement is no news at all. Ghana’s nominal GDP stood at over 19 trillion cedis in 1999 before redenomination. By 2006, Ghana’s nominal GDP had exceeded 100 trillion cedis. Again, the facts show, that the NDC government increased Ghana’s nominal GDP from 17.6 billion cedis in 2008 to 167 billion cedis in 2016 (pre-rebasing)," he noted.
According to the NDC firebrand, the failed Akufo-Addo/Bawumia government must stop majoring in minors and focus on important economic factors that significantly impact the livelihoods of Ghanaians. Suffering Ghanaians deserve better!