AM News with Samuel Kojo Brace on JoyNews (16-10-23)
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NewsTranscript
00:00 The government has allocated $220 million to deal with the floods caused by the spillage
00:06 of the Akosumbodan.
00:08 Members of parliament in the Volta region led by North Tonga MP Samuel Okujo-Toa Blakwa
00:12 have demanded a resettlement and compensation package for victims.
00:17 Government says this $220 million announced in the 2024 budget is mainly for relief packages.
00:23 Parliamentary Affairs Correspondent Kwekwa Sante has more in the following report.
00:40 So that is how both sides of the house jeered and cheered when Finance Minister Ken Oforiata
00:47 concluded the 2024 budget.
00:49 The minority clearly not enthused with the measures outlined by government to deal with
00:54 the economic slump, whilst the majority believe this is the stage, this is where things begin
00:59 to turn around.
01:00 The Finance Minister says Ghana's economy will now be valued at $1 trillion from the
01:05 $219.5 billion they recorded in 2017.
01:10 The 2024 budget is even more significant because we crossed, Mr Speaker, the $1 trillion gross
01:18 domestic product mark for the first time in our economic history.
01:22 Let me repeat, Mr Speaker, Ghana's economy under President Akufo-Addo in 2024, final
01:29 year in office, is projected to be valued over $1 trillion Ghana cedis in 2024 from
01:38 the $219.5 billion.
01:41 But more importantly, one of the key issues this government has introduced in this 2024
01:47 budget is that $220 million is now budgeted for the communities that were affected by
01:53 the Akosumbo Dam spillage.
01:56 Government has budgeted an amount of $220 million to support the relief phase for the
02:05 communities affected by the Akosumbo spillage, as well as floods upstream in the Otisavana
02:14 and Bono East regions.
02:17 But one thing that stood out also is that Finance Minister Kenofori Atta told Parliament
02:22 that this government has created 2.3 million jobs.
02:25 Invested $541 million in 169 IDF 1D1F enterprises to scale up value addition and provide 140,000
02:36 additional jobs.
02:38 And we have created, Mr Speaker, over 2.3 million jobs in the private sector and public
02:44 sector.
02:45 Approximately 900,000 in the private sector and 1.4 million in the public sector.
02:52 But in terms of the numbers in this budget, one of the key things is that government expects
02:56 to raise $176.4 billion Ghana cedis in revenue in 2024.
03:02 And it is projected that it will spend $226.7 billion.
03:06 That is about $50 billion in terms of the deficit.
03:09 But government will be seeking to close some back in terms of the revenue mobilization.
03:13 And General Hospital also came up.
03:16 Mr Speaker, total revenue and grants is projected at $176.4 billion Ghana cedis, 16.8% of GDP
03:29 as we move towards our 18% target.
03:33 And this is underpinned by permanent revenue measures, largely tax revenue measures amounting
03:40 to 0.9% of GDP.
03:44 Mr Speaker, total expenditure is projected at $226.7 billion, 21.6% of GDP.
03:54 The 2024 budget is now set to be debated from next week Monday when Parliament concludes
03:58 work on the post-budget workshop.
04:01 But there were no mention of new taxes.
04:04 When this budget was about to be presented, we heard a lot of things about new taxes set
04:08 to be introduced.
04:09 But the Finance Minister has not announced any.
04:12 In the coming days, we will see if there will be bills that will come to Parliament by way
04:17 of taxes.
04:18 We'll be looking forward to seeing that.
04:20 But also, there have been no blanket removal of taxes.
04:24 Government of course has committed to zero VAT rates on sanitary pads that will be imported
04:30 and actually manufactured locally.
04:33 And MPs are now set to debate it from Monday and the Speaker says it will be a showdown.
04:40 Reporting for Join News, Kwaku Asante, Parliament House.
04:43 Now let's get some reactions to the budget reading.
04:47 We start with minority MPs who say they are completely unimpressed and are describing
04:51 their fiscal policy as empty.
04:53 Dr Casey Alato-Forsen is minority leader.
04:56 Mr Speaker, this government is leaving behind a budget that is debt riddled.
05:04 It's leaving behind an economy that is overtaxed.
05:07 You are leaving behind an economy that is seeing hyperinflation.
05:12 You are leaving behind an economy that is seeing high food inflation.
05:17 And you are leaving behind an economy that is seeing high monetary policy rates.
05:21 I think that is not enough, Mr Speaker.
05:25 This government is leaving behind an economy with high lending rates.
05:28 You are again leaving behind an economy with high unemployment rates.
05:33 Mr Speaker, I see again that is not enough.
05:36 You are leaving behind a misery index that has never been witnessed in this country publicly.
05:42 In fact, you are leaving behind a misery economy.
05:45 In other words, a witchcraft economy.
05:48 Mr Speaker, to conclude on this matter, let me say that they are also leaving behind an
05:56 economy where we are seeing massive and uncontrolled corruption according to the Catholic Bishop
06:03 and Conference.
06:04 Mr Speaker, this is the scorecard of this government.
06:11 This is the legacy they are leaving behind.
06:15 And so it was to be, and I am not surprised, that today you are here reading the budget
06:22 alone.
06:23 Where is the President of the Bank of Ghana?
06:24 Nowhere.
06:25 Where is the Vice President?
06:26 Nowhere.
06:27 But let me say, they cannot abandon you.
06:28 You did this with them.
06:29 And so they are the faces of destruction and you are part of it.
06:30 Bye bye.
06:31 Bye bye, Mr Minister.
06:32 Bye bye, MPP.
06:33 This is your scorecard.
06:34 Thank you, Mr Speaker.
06:35 Well, majority MPs, however, say they will expose the opposition National Democratic
07:04 Congress' poor record on the economy.
07:07 Alexander Faye Oumar Kene is deputy majority leader.
07:10 That the figures cannot be tried with.
07:14 Dr Atufosun, let me remind you that your government could not implement a single landing beach
07:25 project.
07:26 You came into this house with a law.
07:32 You chickened out and you came to do carpet.
07:35 This government has successfully heard the cries of the fishermen.
07:39 And we have constructed 12 landing beach sites.
07:40 You come from the Central Region.
07:41 You have not been able to do that for the people of Central Region.
07:42 And you are telling him that he has underperformed.
07:43 Hey, Atuf.
07:44 Hey.
07:45 Hey, Dr Fosun.
07:46 Hey, Atuf.
07:47 Are you saying that you are not doing your job?
07:48 Is that what you are saying, Mr Speaker?
08:09 In the same NDC, with its old men, they have no more cards to play.
08:32 They play their only joker on the scorecard.
08:33 And today, you tell us that this economy is in its worst state.
08:34 It was wet with all that we've experienced under COVID.
08:35 With all that we've experienced on the global space.
08:36 We have managed to keep the lights on.
08:37 You inherited the situation where children could not go to secondary schools.
08:38 And Mr Speaker, we are ready for you today, tomorrow, any other day.
08:39 Mr Speaker, I thank you so much.
08:40 A very interesting debate in Parliament in relation to the budget there.
08:41 Now, in the last few days, we have had a lot of debate.
08:42 We have had a lot of debate on the budget.
08:43 We have had a lot of debate on the budget.
08:44 We have had a lot of debate on the budget.
08:45 We have had a lot of debate on the budget.
08:46 We have had a lot of debate on the budget.
08:47 We have had a lot of debate on the budget.
08:48 We have had a lot of debate on the budget.
08:49 We have had a lot of debate on the budget.
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08:51 We have had a lot of debate on the budget.
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09:16 We have had a lot of debate on the budget.
09:43 We have had a lot of debate on the budget.
09:46 We have had a lot of debate on the budget.
09:47 We have had a lot of debate on the budget.
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09:49 We have had a lot of debate on the budget.
09:50 We have had a lot of debate on the budget.
09:51 We have had a lot of debate on the budget.
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09:59 We have had a lot of debate on the budget.
10:00 We have had a lot of debate on the budget.
10:01 We have had a lot of debate on the budget.
10:27 We have had a lot of debate on the budget.
10:34 We have had a lot of debate on the budget.
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10:49 We have had a lot of debate on the budget.
11:12 We have had a lot of debate on the budget.
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12:20 We have had a lot of debate on the budget.
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22:58 We have had a lot of debate on the budget.
23:00 We have had a lot of debate on the budget.
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23:10 We have had a lot of debate on the budget.
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23:12 We have had a lot of debate on the budget.
23:13 We have had a lot of debate on the budget.
23:14 We have had a lot of debate on the budget.
23:15 We have had a lot of debate on the budget.
23:43 The NPP have elevated Dr. Mahmoud Bawmia to take my place as flag bearer.
23:48 I'm pleading with everyone not to disturb the party.
23:51 In this country, we don't care about your tribe or religion.
24:03 All that matters to us is an individual competence, truthfulness and hard work.
24:08 Those are the factors we consider to vote.
24:11 Also, it will hurt me for the Bantama constituency to throw Asensu out of parliament.
24:16 I'm not going to let Asensu be the leader of Bantama.
24:21 I'm going to let him be the leader of Bantama.
24:28 The NPP constructed the community library and technology hub for the Bantama community.
24:34 The facility, named after Nanadu Dankwa Kufwado, is expected to help improve literacy and ICT knowledge among children.
24:44 Asensu Bwache is Bantama MP.
24:47 We have to help the young ones get equal opportunities with others so that they can compete globally.
24:59 I have decided to help every community get a library and technology hub.
25:04 We are making sure that the community library and technology hub is established.
25:12 For JOY News, Nanaia Ocima, Kumasi.
25:15 And that's it for the bulleting this morning.
25:20 There's more news on myjoyonline.com.
25:22 Up next is the AM News Review. Stay on.
25:24 [Music]