Your’re massaging economic figures whilst forgetting to cover your anus – Adongo tells Ofori-Atta

Finance Minister Hon. Ken Ofori-Atta
Finance Minister Hon. Ken Ofori-Atta

The Finance Minister Honourable Ken Ofori-Atta, as mandated by Article 179 (8) of the 1992 Constitution and Section 28 of the Public Financial Management Act, 2016 (Act 921), appeared before Parliament on Thursday, 23rd July, 2020 and presented the 2020 Mid-Year Review Budget. The according some Ghanaians including the opposition National Democratic Congress (NDC), the budget was a projected campaign message and does not merit financial statement. These have generated debates in the media among political classes.

READ ALSO: Full statement of 2020 Mid-Year Review Budget by Ken Ofori-Atta; Download Here

Responding to the issues, the Member of Parliament for Bolga Central Constituency Honourable Isaac Adongo is therefore blaming President Nana Addo Dankwa Akufo-Addo’s government for employing numerous avenues to rob the Ghanaian public purse.

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In statement, the Bolga Central Lawmaker describes the ruling government as corrupt, inept, Piccadilly armed robbers who are using the Finance Minister Honourable Ken Ofori-Atta to shaved off and suppressed expenditures of Ghc12.6 billion to generate a deficit of Ghc44 billion at 11.8% of GDP.

READ ALSO: “It’s encouraging to hear some of the bold initiatives in the mid-year budget” – Nana Aba Anamoah

Honourable Isaac Adongo further accused government for massaging economic figures whilst forgetting to cover their anus. According to him, the finances of the Republic of Ghana are in the hands of fraudsters and experts in financial engineering and clever accounting. “When they come wearing white apparel and quoting verses of the Bible profusely, be careful and treat them for who they are: Piccadilly armed robbers.” He accused.

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His statement reads

The financial engineering, clever accounting and massaging of financial data by this Govt through Hon Ken Ofori Atta is mind boggling. If a Govt finances its deficit from the following sources in 2020;

 

Project loans of Ghc4.9 billion.

Program loans of Ghc8.2 billion.

Eurobond ($2 billion) of Ghc11.6 billion.

Total of Ghc24.7 billion from external sources and also finances the same deficit with domestic borrowing of Ghc32 billion.

The total foreign and domestic borrowing to finance the deficit should be Ghc56.7 billion.

The deficit in 2020 should now be 15.6%.

 

But the Piccadilly armed robbers magically shaved off and suppressed expenditures of Ghc12.6 billion to generate a deficit of Ghc44 billion at 11.8% of GDP. Ironically, if you add their projected revenue and grants of Ghc53 billion to the true deficit of Ghc56.6 billion, you get a total projected expenditure of Ghc109 billion for 2020 but Ken Ofori Atta magically gets Ghc97 billion.But when you look at paragraph 444 under request for supplementary estimates, the Minister makes a huge disclosure when he says ‘this will bring the revised 2020 total appropriations for 2020 to Ghc109 billion”, thus confirming the deficit figure of Ghc56 billion and not Ghc44 billion.

 

This is a case of massaging figures whilst forgetting to cover your anus. Ghana’s finances are in the hands of fraudsters and experts in financial engineering and clever accounting.

When they come wearing white apparel and quoting verses of the Bible profusely, be careful and treat them for who they are: Piccadilly armed robbers.

 

 Hon Isaac Adongo
(MP for Bolga central Constituency)

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