Ken Ofori-Atta
THE MINISTER of Finance, Ken Ofori-Atta, says the New Patriotic Party (NPP) administration has relegated the persistent, irregular, and unpredictable electric power outage, popularly known as ‘dumsor’ inherited from the previous National Democratic Congress (NDC) administration, to the background.
“It is clear to our fellow Ghanaians by now that we have enjoyed three and half years of reliable power. We have spent in excess of GH¢4.7 billion on excess capacity payments not only to ensure that we keep the lights on but also pay for obligations under very questionable contractual obligations, and that is keeping the lights on, no dumsor,” he stated.
Speaking at the presentation of the mid-year review of the 2020 budget statement and economic policies of the government, the Finance Minister stated that to modernize the economy and improve its global competitiveness, the Akufo-Addo administration embarked on a transformative agenda to digitize the economy.
“We implemented the Digital Addressing System and the National ID programmes to ensure that each Ghanaian and their dwellings as well as business locations will be uniquely identified. All these efforts are being made to formalize the economy, improve the way services are delivered to our people and increase productivity,” he indicated and added that “that is digitizing the lives of Ghanaians.”
“Mr. Speaker, to protect the public purse and advance good economic governance, we set out to fully implement the provisions of the PFM Act 2016 (Act 921), including passage of the PFM Regulations 2019, L.I. 2378 to further strengthen cash management, budget execution and budget monitoring.
“Consequently, we have for the first time in the history of our budget management consistently published Budget Implementation reports, Medium Term Debt Strategies, Issuance calendars as well as Annual Debt reports.
“Mr. Speaker, never in the history of our Public Financial Management have we seen this degree of openness, transparency, and accountability in the management of our public finance. This has enabled citizens to hold this government more accountable than any other in our history,” he pointed out.
The Finance Minister asserted that while accomplishing “all these, we also set out to complete the outstanding policy measures under the derailed IMF programme which we inherited. This culminated in our exit from the IMF Extended Credit Facility in March 2019, much to the surprise of our friends on the aisle.”
According to him, the Finance Ministry initiated and requested the Auditor General to audit and validate the over GH¢11 billion outstanding claims which had been left by the previous government to protect the public purse.
“The Auditor General validated over GH¢6 billion of the GH¢11 billion claims. We await the subsequent surcharging of all those complicit in the submission of the disallowed claims from the Auditor General’s Department.
“I am happy to inform this Honourable House that we have paid almost GH¢5 billion of the unpaid bills which we inherited,” he disclosed.
Mr. Ofori-Atta said, with these actions, government had amply demonstrated its commitment to prudent financial management, ensuring value for money and being held accountable for its actions.
According to him, the government has also put in place key structural measures to sustain the path towards fiscal consolidation, growth and ensure irreversibility.
“These include the passage of Fiscal Responsibility Act 2018 (Act 982), forging Social Partnerships with Organised Labour and Employers to enhance the quality of dialogue and implementation.
“We have also established and operationalized the Fiscal and Financial Stability Councils to enhance the monitoring of government’s fiscal and financial policies.
“Mr. Speaker, furthermore, we have initiated collaboration with Faith-Based Organisations to promote the material, moral and spiritual growth of our country.
“This is in recognition of the important role that the Faith-Based Organization has played and continues to play in the socio-economic development of our country,” he added.
By Ernest Kofi Adu, Parliament House