Alban S. K. Bagbin
Speaker of Parliament, Alban S. K. Bagbin, has asked Members of Parliament (MPs) to consign “unbridle partisanship” to the background and bring their nationalism to the fore in dealing with the 2023 Budget Statement and Economic Policy of the Government.
According to him, MPs ought to keep in mind the promise they made to their constituents – to give them a reason to aspire for a better future.
“What use is parliamentary democracy if it does not present Ghanaians with the chance to attain their full potential and the prospects of a future defined by a drive toward social and economic development and growth?” he quizzed.
Speaking at the opening of the 2023 post-budget workshop at Ho in the Volta Region on Saturday, the Speaker said, “It is important that we place improving the lives of those we serve at the top of our priorities as a country.”
He quoted the Dalai Lama as saying, “If we develop concern for other people’s welfare, share other people’s suffering, and help them, ultimately, we will benefit. If we think only of ourselves and forget about others, ultimately we will lose. The more we care for the happiness of others, the greater our own sense of well-being becomes.”
Mr. Bagbin continued, “In doing so, let us eschew unbridled partisanship, given that the budget’s primary goal speaks to common issues that affect us all.”
“Let us collectively as the legislature commit to fixing this economic turbulence. If there was any time in the history of this country that Ghanaians are looking up to the Legislature – not the Executive – for solutions to the challenges confronting us as a people, it is now,” he added.
He intimated that the 2023 budget presents a fine opportunity for Parliament to assert its independence and relevance in the governance of this country.
“Else, posterity will remember us as the crop of legislators who sacrificed Ghana on the altar of partisanship,” he pointed out.
Finance Minister
Earlier, the Finance Minister, Ken Ofori-Atta, called for creativity and changes in some rules to enable the government to deal with the current economic crisis.
According to him, the 2023 budget has been prepared in the context of tightened financial conditions, high cost of crude oil price, increase in food prices and high cost of living for developing economies, caused by external factors.
He told the MPs that the international development institutions were still projecting tough times ahead, noting that the time is ripe to be brutal with the truth, since the global economy in 2023 and beyond puts inflation higher than seen in several decades globally.
“Global growth has been projected to slow down from an estimated 3.2% in 2022 to 2.7% in 2023,” he added and continued that the impact of these global shocks together with domestic development has resulted in high exchange rate depreciation, high inflation, rising interest rates, and significant fiscal stress.
Also included are the unsustainable debt burden, dwindling gross international reserves at the Bank of Ghana, credit rating downgrades and low GDP growth, he noted.
Mr. Ofori-Atta lamented how these challenges have derailed the remarkable achievements made by the government prior to the COVID-19 pandemic.
According to him, the macroeconomic stability was largely restored during the time and growth rebounded strongly, with the government investing about GH¢28.3 billion in growth-enhancing and employment creation flagship programmes, and social interventions.
He said the 2023 budget is expected to restore macroeconomic stability, promote fiscal and debt sustainability and build resilience for faster economic recovery and protect the poor and vulnerable.
He noted that this accounted for the theme of the 2023 budget: “Restoring and Sustaining Macroeconomic Stability and Resilience for Inclusive Growth and Value Addition.”
By Ernest Kofi Adu