Here are the conditions that have to be met before Minority approves debt restructuring, budget estimates

The minority has threatened to disapprove the 2023 budget estimates, and debt restructuring until some five conditions are met by government.

According to Haruna Iddrisu, they will not accept the debt restructuring programme announced by the finance minister.

This comes after Finance Minister Ken Ofori-Atta announced that Ghana is embarking on a debt exchange program to ensure that debt levels are brought to sustainable levels.

At a press conference, the minority leader said, “Let me state, without any fear of contradiction, that the form and structure of the debt restructuring plan announced by Ken Ofori-Atta are unacceptable to us, and we simply will not accept it.”

He also raised concerns over why the government failed to announce the exchange programme in the budget statement presented to parliament.

According to Haruna Iddrisu the minority are aware that “the Akufo-Addo/Bawumia government have become desperate and is compelled after reckless mismanagement of the economy to achieve fiscal consolidation.”

Below is a listicle of the conditions the minority has demanded before the budget estimates for 2023 will be approved;

1. The resignation of the entire Economic Management Team and in particular Alhaji Bawumia from his position as Chair of that obviously moribund body. 2. The immediate resignation or dismissal of the Finance Minister, Ken Ofori-Atta 3. Immediate reduction in the number of Ministers and political appointees at the Office of the President by half. 4. Removal of all non-essential expenditure in the 2023 budget including the GHC 80 million allocated to the National Cathedral

5. Reinstatement of the GHC100 exemption threshold for e-levy payment.

Following the above, the minority in parliament reiterated that the country’s ailing economy characterized by unsustainable debt, inflation, and unprecedented credit rating downgrades, among others.

Haruna Iddrisu explained the economic situation is so bad that Ghana is currently ranked side by side with Sri Lanka, which is considered the worst economy in the world and has defaulted on its debt.

Speaking at the press conference, he said “as it’s now trite knowledge, the Ghanaian economy has been terribly mismanaged in the last five to six years by the Akufo-Addo/Bawumia administration leading to our request for a 17th IMF program to renew confidence and policy credibility on our failing economy despite haughty initial denials.

“The severely ailing economy has been characterized by unsustainable debt, very high inflation, unprecedented and disastrous depreciation of the cedi, high budget deficits and unprecedented credit rating downgrades.

“The economic situation is so bad that we are currently ranked side by side with Sri Lanka, which is considered the worst economy in the world and has defaulted on its debt.”