Dr. Kwabena Dufuor
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17th November, 2011
DR. DUFUOR PRESENTS 2012 BUDGET STATEMENT TO PARLIAMENT
The 2012 Budget Statement and Economic Policy of the government designed to address the infrastructure deficit for sustainable growth to improve the standard of living in the country, presented to Parliament by the Minister of Finance and Economic Planning Dr Kwabena Duffuor was greeted with mix reactions by MPs.
Whereas the Majority caucus hailed the budget and responded with yes we have, as the minister catalogued promises the government had delivered on, including provisional growth estimate of 13 per cent in the year, the Minority caucus replied with clap of away!away! in apparent reference to the budget being the last one for the government.
The Minority caucus tagged the budget as propaganda piece for the 2012 election and “talk- no- do- government.”
Kweku Agyeman Manu (NPP-Dormaa West), a former Deputy Minister of Finance said about 60 per cent of the budget was depended on the three billion Chinese loan facility saying that “our ability to access the facility is uncertain.”
He said the government was not transparent and efficient in the estimations of the oil revenue explaining that a robust economy was driven by revenue generation and prudent utilization.
Mr. Agyeman –Manu blamed the minister for not telling Ghanaians the net effect of the reduction of the income tax threshold.
Professor George Gyan Baffour(NPP-Wenchi),a former Deputy Minister of Finance, said the minister painted the picture as if all was rosy but that “the reality on the ground is different,” adding that country continued to depend export of gold, cocoa and other exports that the market was determined by external forces.
He expressed the need for industrialization to add value to exports to make the country more competitive on the international market and also be able to withstand the external shocks.
Ernest Debrah(NPP-Tano North),former Minister of Food and Agriculture claimed as far as agriculture was concern the budget did not bring hope to the sector saying that since 2009 the government had been budgeting for fishing harbours and landing sites to be constructed but none of the projects had taken off.
He said the under the previous government in 2008, a feasibility study and detailed designed of 5,000 hectares were to be put into agriculture production under the Accra Plains Irrigation Projects but the current government had not made good its promise to commence the project but continued to repeat it in succeeding budgets with increase in the hectares to 10,000 without any implementation.
Mr James Klutse Avedzi (NDC-Ketu North), Chairman of Parliamentary Committee on Finance, said the budget gave hope to Ghanaians explaining with the reduction of the VAT threshold more money would go into the pockets of ordinary Ghanaians.
He said with the increase in the corporate tax of mining companies and revenue from the oil sector would make available much resource for the government to undertake infrastructural development.
Mr Avedzi said the proposed setting up of centres to give further entrepreneurial training to graduates would help reduce graduate unemployment for the youth.
Sampson Ahi (NDC-Juaboso) said the budget was a “retirement package” for the New Patriotic Party Presidential Candidate, nana Akuffo-Addo, saying that Ghanaians would retain the government in power because of the social interventions and reduction of tax threshold.
He said the Minority caucus could not display their “bye bye budget” that they had on pieces of A4 sheet after the minister had finished presenting the budget because “they were mesmerized.”
Whereas the Majority caucus hailed the budget and responded with yes we have, as the minister catalogued promises the government had delivered on, including provisional growth estimate of 13 per cent in the year, the Minority caucus replied with clap of away!away! in apparent reference to the budget being the last one for the government.
The Minority caucus tagged the budget as propaganda piece for the 2012 election and “talk- no- do- government.”
Kweku Agyeman Manu (NPP-Dormaa West), a former Deputy Minister of Finance said about 60 per cent of the budget was depended on the three billion Chinese loan facility saying that “our ability to access the facility is uncertain.”
He said the government was not transparent and efficient in the estimations of the oil revenue explaining that a robust economy was driven by revenue generation and prudent utilization.
Mr. Agyeman –Manu blamed the minister for not telling Ghanaians the net effect of the reduction of the income tax threshold.
Professor George Gyan Baffour(NPP-Wenchi),a former Deputy Minister of Finance, said the minister painted the picture as if all was rosy but that “the reality on the ground is different,” adding that country continued to depend export of gold, cocoa and other exports that the market was determined by external forces.
He expressed the need for industrialization to add value to exports to make the country more competitive on the international market and also be able to withstand the external shocks.
Ernest Debrah(NPP-Tano North),former Minister of Food and Agriculture claimed as far as agriculture was concern the budget did not bring hope to the sector saying that since 2009 the government had been budgeting for fishing harbours and landing sites to be constructed but none of the projects had taken off.
He said the under the previous government in 2008, a feasibility study and detailed designed of 5,000 hectares were to be put into agriculture production under the Accra Plains Irrigation Projects but the current government had not made good its promise to commence the project but continued to repeat it in succeeding budgets with increase in the hectares to 10,000 without any implementation.
Mr James Klutse Avedzi (NDC-Ketu North), Chairman of Parliamentary Committee on Finance, said the budget gave hope to Ghanaians explaining with the reduction of the VAT threshold more money would go into the pockets of ordinary Ghanaians.
He said with the increase in the corporate tax of mining companies and revenue from the oil sector would make available much resource for the government to undertake infrastructural development.
Mr Avedzi said the proposed setting up of centres to give further entrepreneurial training to graduates would help reduce graduate unemployment for the youth.
Sampson Ahi (NDC-Juaboso) said the budget was a “retirement package” for the New Patriotic Party Presidential Candidate, nana Akuffo-Addo, saying that Ghanaians would retain the government in power because of the social interventions and reduction of tax threshold.
He said the Minority caucus could not display their “bye bye budget” that they had on pieces of A4 sheet after the minister had finished presenting the budget because “they were mesmerized.”
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