Vice President Dr. Mahamudu Bawumia is in Parliament to observe the Finance Minister’s presentation of the first budget statement of the Akufo-Addo government for the year 2017. It is often not the usual occurrence for the President or even the Vice President to be present during a budget reading.
But it appears that Dr. Bawumia, an economist, who is expected to make a huge impact in the government’s vision to resuscitate the economy, will not just be a backbencher, but an active participant.
Dr. Bawumia had repeatedly criticized the previous NDC administration for running down the economy through over bloated contracts and corruption, and was very vociferous with the NPP government’s pledge to reduce taxes as part of several measures to revive the economy.
More so, the Constitution permits the presence of the Vice President in the chamber, and must be accorded all the privileges of the House, with the exception of voting in the chamber.
Ghana’s economic challenges
Ghana for close to six years now, has been wobbling in a number economic challenges which have seen a decline in its economic growth, a plunge in Government’s revenue, rising unemployment, and increasing agitation among business operators over high taxes, a depreciating currency and weak economic fundamentals.
In his first state of the nation address, President Nana Akuffo Addo painted a gloomy picture of the economy, reiterating among others earlier reports by the Finance Minister, that the country’s current debt stock had ballooned to GH¢122 billion, leaving Ghana’s debt stock at 74% of GDP.
He added that, three key targets set under the IMF program – growth, fiscal deficit were missed.
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