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Government has pat itself on the back after growing the economy by 4.1% in 2015, insisting that developed economies like US and U.K would love to be in Ghana’s position.

Deputy Finance Minister, Mona Quartey told Joy FM Monday, although the global economy has been sluggish, Ghana's growth has been better than most.

A Bloomberg survey capped global economy growth at 3.2% in 2015, 3.7% in 2016 after growing by 3.3% in 2013 and 2014.

Here in Ghana, Mona Quartey believes with global growth at a snail pace, “there is no way Ghana can be going in the opposite direction”.

In context, she says, 4.1% is “not a bad growth rate”. “Developed countries would love to have that”, she maintained. She admitted the Ghanaian economy is facing challenges but has nonetheless made critical strides in stabilizing the economy. Without a stable economy, there can be no investor confidence, she added.

Treasury Bill rate has decreased from 26.8 to 26.2%. The depreciation of the Ghana cedi has slowed at 14.8% to the dollar.

Government has done well on revenue generation and significant investments in roads, hospitals and schools are ongoing, she touted.

The Ministry of Health (MoH) and EUROGET De-Invest of Egypt, a project management and financial group, have signed a loan agreement of $339 million for the construction of two regional and six district hospitals across the country.
The University of Ghana Teaching Hospital which was 65% complete last October, is a $217 million project expected to add 1,000 new doctors within seven years.

“We have seen the roads, the Kwame Nkrumah Interchange. There is a show of asset for the liabilities [from loans]”, Mona Quartey explained.

Public expenditure has been rationalized, she said.

Even the national debt once hovering around the deadly mark of 70% of GDP has eased to 69%.

She said government had set up a Sinking Fund that allows government to keep some money to pay off its debt.

The Fund helps Ghana government to avoid defaulting on its debts, she explained.

If people are criticizing the budget statement presented last Friday as lacking new policies, it is because these new measures were put in place last year.

‘We are now seeing the effect of last year’s measures which is about consolidating the gains the economy has made’ Mona Quartey said.

She branded the 2016 budget presented as a “fearless one” because it is “taking the step to adjust and make sure there is fiscal consolidation.”

Minority MP and Chairman of the Public Accounts Committee (PAC) in Parliament Kwaku Agyemang Manu singled out increasing revenue for praise.

“Last two, three years revenue has not been like this” he commended.

With that exception, Kwaku Manu took on the government’s handlers of the economy.

Picking up on a decline in T-Bills he wondered how government can be proud of a neglible decrease in the rate from 26.8% to 26.2%.

“That is a decline?” he ridiculed.

Government was borrowing money to put into the Sinking Fund used to pay debts, he accused.

“Why won’t the debt go up? What are we consolidating?”he wondered.

He argued that all though government was cutting expenditure it is investing in areas that are not a priority.

“Is it the time to build an aerodrome in the Volta region? He questioned one project he deemed a misplaced priority.He said although government was building schools and hospitals as Mona Quartey pointed out, government has also placed a freeze on employment.

“Why do you create infrastructure that would need labour?...is that not confusing enough” he queried.

He bemoaned the unemployment situation that has seen doctors, nurses and teachers trained with public money sitting at home without work while school and hospitals are springing up.

“What type of governance is this?” the Dormaa Central MP criticized.

He said government has been stifling Ministries like Agriculture and Health of funds and yet it is building a $125 million water de-salination plant in Teshie that has become a ‘white elephant’ in the community.

“Is that what you call consolidation?” the NPP MP continued.

The de-salination plant built by Spanish and Japanese engineers treats seawater and serves it to about 500,000 people in Teshie and Nungua. Some have complained about it's safety.
“We are threading on very dangerous ground. [Government’s] policies and actions are not consistent at all.”