The opposition New Patriotic Party (NPP) says Ghanaians have endured untold hardship since the current National Democratic Congress (NDC) assumed office in 2009.
Reacting to the 2016 Budget Statement presented to Parliament last Friday, the Minority, which described the 2016 Budget as ‘Dead Goat,’ said “Ghanaians were promised ‘Better Ghana’ in 2008 but going into the eighth year of government in 2016, this government has delivered one of the worst economic performances in Ghana’s history.”
The Minority said instead of addressing the numerous problems of Ghanaians, all budgets read by the ruling Government since it came to power, had constituted “a record of a monumental waste of an historic opportunity to transform the economy of Ghana and improve the lives of Ghanaians.
“In fact, no government in the history of Ghana has had the amount of resources in terms of tax revenue, cocoa exports, gold exports, oil revenues and loans as this NDC government. The financial resources that have been available to this government are actually mindboggling.”
Tax Revenues
The NPP said between 2001 and 2008, the total tax revenue collected was GH¢15.2 billion. In contrast, the government has collected a total of some GH¢90 billion in the last seven years (2009-2015) in taxes.
Gold
Ghana’s gold exports between 2001 and 2008 amounted to $9.0 billion dollars. Between 2009 and 2015, total gold exports have amounted to some $28 billion dollars. Government has therefore earned significantly more from the revenues associated with these exports in the last six years, it indicated.
Cocoa
Ghana’s cocoa exports between 2001 and 2008 amounted to $7.4 billion dollars. Between 2009 and 2015, total cocoa exports have amounted to some $17.0 billion dollars. Government has similarly earned significantly more from the revenues associated with these exports in the last seven years.
Oil
Ghana has also become an oil exporter during the period of the NDC government. By the end of 2015, Ghana would have exported some $15.7 billion of oil in the last five years and earned some $4 billion from oil during this period. There were no oil revenues accruing from oil exports during the 2001-2008 period or for that matter in any period of Ghana’s history.
Loans
From independence in 1957 to 2008 Ghana’s total debt amounted to GH¢9.5 billion. In the last seven years alone under this NDC government, Ghana’s total debt has increased from GH¢9.5 billion in 2008 to an estimated GH¢99.0 billion at the end of 2015. The government has borrowed some GH¢90 billion in seven years. This is an unprecedented rate of accumulation of the public debt.
In dollar terms, this NDC government has borrowed the equivalent (at the time of borrowing) of some $37 billion in seven years, the statement said.
Under the eight years of the NPP government from 2001-2008, taxes, loans and oil revenues alone amounted to some GH¢20.00 billion.
“In the last seven years (i.e. excluding 2016) this NDC government has had, in nominal terms, at least 10 times the resources that the NPP had in eight years.”
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