The Finance Minister, Mr Ken Ofori-Atta, has also rejected claims on social media that Ghana will soon return to the Highly Indebted Poor Country (HIPC) programme.
According to the Minister, Ghana will not wear the HIPC tag because HIPC, as well as economic mismanagement, is behind the country
He noted that it was ironic that those who took Ghana into HIPC, and were lucky to have been delivered by the sound economic management of the New Patriotic Party (NPP), were the same people wishing the country goes back.
He, therefore, cautioned the citizenry to be careful about those who would want the country to go back into HIPC.
“Ironically, those who mismanaged the economy for us to come and fix it are the one’s wishing Ghana ill.
“My message to them is this; there is no turning back. HIPC is behind us. Economic mismanagement is behind us. The economy is stronger today than it was four years ago, and will continue to grow stronger and stronger with four more years to do more for the people of Ghana, with God’s help.
“Be careful as a nation to reject those who return from the Promised Land with a bad report to subvert the spirit of our people, and to reject leaders who would take us back to Egypt.”
Mr Ofori-Atta made the statement when he came to Parliament yesterday for it to approve an amount of GH¢27,434,180,520 as Expenditure in Advance of Appropriation to carry on the services of government until the expiration of three months from the beginning of the 2021 Financial Year.
The request was in accordance with Article 180 of the 1992 Constitution, and Parliament’s Standing Order 145, and section 23 of the Public Financial Management Act (PFM), 2016 (Act 921). I humbly request the Hansard Department to capture the full document.
Explaining how the country went into HIPC, the Minister said that in 2001, Ghana had no choice, but to swallow her pride and to sign up to the HIPC initiative, a legacy left by the outgoing NDC government, but, thankfully, former President J.A. Kufuor’s administration got to completion point in record time and came out of HIPC.
However, by 2014, barely two years in office, President Mahama’s ‘homegrown’ economic policy had failed, and Ghana signed up once again onto an IMF programme, he observed. Again, the Akufo-Addo government took Ghana out of the IMF programme in record time, he said.
He, therefore, cautioned the electorate to beware of those who wish ill for the country, by not giving them power to rule the country in the years ahead.
Aside the 27 billion it requested, Mr Ofori-Atta also requested an approval for the issuance of sovereign bonds of US$3 billion with the option to increase it to US$5 billion should market conditions prove favourable.
Throwing light on what the monies would be used for, Mr Ofori-Atta said that it would be used to carry on the services of the government until the expiration of three months, from the beginning of the 2021 Financial Year.
He said it would cover government operations such as Compensation of Employees, ex-gratia awards, Interest and Amortisation payments, transfers to Statutory Funds, critical programmes, and Goods and Services and others.
The post HIPC, economic mismanagement are behind us -Ofori-Atta appeared first on The Chronicle Online.
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