Ghana is no exception to Covid-19 shocks but the 2022 budget is key for recovery-Jinapor

The Minister of Lands and Natural Resources, Mr. Samuel Abu Jinapor, has argued that the 2022 budget must be debated in the context of what is happening in the world today.

Contributing to the debate on the budget, the Minister made reference to a publication by the Guardian newspaper on G7 countries, and their current economic conditions.

For example, GDP fell by 3.5% in the United States, 5% in Germany, 8.3% in France, 8.9% in Italy, 5% in Canada, 5.6% in Japan, he said.

In arguing further, he said the global economic crisis, which is arising out of the pandemic, is real and with the greatest respect, Ghana is not an island and cannot be an exception.

”In the biggest economies alone, the IMF predicts further job losses of 25 million in 2021 and 20 million in 2022.

This 2022 budget presented to this House by President Akufo-Addo seeks to give solutions in dealing with Ghanaian peculiar situation which has arisen out of the COVID-19 pandemic.

In all parts and accounts, this budget clearly offers Ghana’s economy the recovery and unleashes jobs for the youth and prosperity for the good people of this country.

Already, out of the efforts of President Akufo-Addo, the economy is covering. Just two days ago ((Monday 22 November 2021), the Bank of Ghana reported in its updated composite index economic activity that the annual growth rate of September 2021 was 11.2% compared to 10.8% in 20202, 4.2% in 2019.

This is a sign of a sustained recovery from the global pandemic. Mr. Speaker, that is a clear indication that the measures being taken by President Akufo-Addo and his government are leading to recovery of the national economy,” he said.

He continued: ”I call on the House, Ghanaians to support this budget because it is the budget that will pull this country out of the doldrums.
Mr. Speaker, there have been a lot of debates in this House and propaganda, but let me put before the House one statistics from the Ghana Statistical Service.

In 2014 GDP growth was 2.9%; in 2.1% in 2015; 3.4% in 2016 which is the best.

Mr.Speaker, in spite of all difficulties our national economy has undergone; in spite of the destruction in the global supply chain; in spite of the fact that even developed industrialized countries are struggling, today in 2021 the GDP growth stands at 3.5%.

In 2014, 2015 and 2016 there were no crises or pandemics and yet the best GDP growth our opponent scored is less than our worst performance.

Our worst was their best. That is the data. I don’t pretend to be an economist, I don’t pretend to be a financial expert, but these are the facts.

The best GDP growth by the John Mahama administration was in2016. It stood at 3.4%. These are Bank of Ghana figures. No one has contested them and it is uncontestable.

Even in COVID-19 we are doing far better than them when they did not have a crisis on their hands.

Without a crisis on their hands, they managed the economy and took us to the IMF and we had a freeze on public recruitment.

Without a pandemic, they took us into an unemployment situation which occasioned the National Graduates Unemployment Association. Without a pandemic, our friend from the other side plunged this country into four years of dumsor. Under their watch and that is their record.

Even on deficit, the Bank of Ghana and the Ghana Statistical Service appreciate, with all the expenditure that President Akufo-Addo and his government embarked upon, including free electricity, free water, free food packs, free SHS, allowances for frontline health workers, the deficit stood at11.7% of the GDP.

In 2012 the deficit stood at 12.2% of GDP, in 2013 stood at 11.7% of GDP, 2014 at 11.9% 2015 at and 2016.

It is clear that where we find ourselves in this country; the difficulties Ghanaians are going through as a result of COVID-19, we require competent visionary, far-sighted and digital managers for our national economy.”


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