Transition
sub-committee on economy postpones press conference
Accra, Jan. 20, Ghanadot/GNA – The
Government transition team's sub-committee on the
economy has postponed Tuesday afternoon’s press
conference to give details on the state of the economy.
Mr Richard Quashigah, speaking on behalf of Ms Hanna S.
Tetteh, Spokesperson of the Transition Team, told the
GNA that the postponement was due to “new developments”.
He said a new date for the press conference would be
announced later.
The press conference was to have been held at the Accra
International Conference Centre (AICC) at 1500 hours.
The sub-committee has said that after having studied the
nation’s current macro economic situation has concluded
that the government of Ghana is “broke”.
It said in 2008, the NPP government projected that it
would spend GH¢168,127,900.00 (approximately GH¢168.1
million) more than it would take in as revenue.
Instead, it spent GH¢1,340,196,800.00 (or GH¢1.34
billion) in excess of its revenue. It said in other
words, the government overshot its projected budget
deficit by 697.1% in 2008.
“This translates into a deficit-GDP ratio of 13.42% -
the highest in over 10 years. It also puts a severe
strain on government’s finances in 2009, including its
ability to provide essential developmental projects and
social services. Whereas when the NDC left office in
January 2001 the GDP deficit ration was 9%.”
The Minority NPP in Parliament on its part last Thursday
said the country's economy as at December 31, 2008 was
in far better shape relative to the economy that it
inherited in 2001.
Mr Osei Kyei-Mensah Bonsu, Minority Leader, said over
the past few days the nation had been inundated with
misinformation about the state of the nation's economy.
"This culmination of events is the seemingly purposeful
twist of facts as stated by the Country Director of the
World Bank. The subsequent elucidation or rectification,
if you like, of the situation by the Country Director
has rather left the average Ghanaian confused," he told
a press briefing at Parliament House.
GNA
