“You can’t borrow BoG’s $10bn with mere statement; take Parliament seriously” – Minority damns Ofori-Atta

The Minority Leader in Parliament, Mr Haruna Iddrisu, has said COVID-19 or not, the Nana Akufo-Addo-led government cannot deny borrowing money to enhance the economy and accused Finance Minister Ken Ofori-Atta of violating and sidestepping the necessary procedures in borrowing $10 billion from the Bank of Ghana recently to cushion the economy against the shocks occasioned by the pandemic.
The government borrowed the money from the central bank under the COVID Emergency Fund.
In a debate on the mid-year budget review on Wednesday, 29 July 2020, Mr Iddrisu accused Mr Ofori-Atta of relying on Section 30(6) of the BoG Act to borrow the $10 billion without resort to Parliament.
He said Mr Ofori-Atta was in Parliament to request for the money under the guise of COVID-19 emergency, noting: “As we speak, the minister stands in violation of the Constitution; Article 181, the minister stands in violation of the Public Financial Management Act. Show me a resolution of Parliament where that 10 billion borrowing was approved? He stood here and made a statement”.
“We’re a serious house”, he said, adding: “The Minister of Finance must take us seriously”.
“You cannot come and want to expend 10 billion just by a mere statement. It is not procedurally acceptable”, he insisted.
Mr Iddrisu said: “Borrowing is borrowing, either borrowing under COVID or outside COVIDC or beyond COVID. You took USD10 billion”.
Meanwhile, the Finance Minister has justified the need to borrow the USD 10 billion from BoG.
Speaking with the parliamentary press corps, Mr Ofori-Atta said: “When you look at the CARE and the CAP programme, what did we spend the money on? The lockdown period, the average Ghanaian not being able to access food, lifeline, electricity; I mean the issue of governance is to make sure that you keep your people alive. It’s very easy to say: ‘Cut it out’, until you see people on the streets. This is a government that cares and will not compromise the lives of our people in any way”, Mr Ofori-Atta noted.
Also, Mr Iddrisu noted that the Akufo-Addo administration is only building upon the gains made by the previous Mahama-led government.
“He [Ken Ofori-Atta] was talking about some stability with labour and its social partners; he should thank the NDC and, probably even thank us when we were at the Ministry of Employment and Labour. We ironed out all those difficulties including matters relating to pension”.
“So, you’re only building upon all those gains, and don’t come and create an impression that Ghana has reached its zenith in terms of its development”, Mr Iddrisu said.
Source: classfmonline.com
Trending Business
COCOBOD board chair pledges modernisation to support 24-hour economy policy
04:05Banking sector clean-up: Ex-NPP Youth Organiser refutes Frank Adu's claims, says sector stronger than ever
11:02Agric Minister woos Turkish tractor manufacturer to set up plant in Ghana
10:41GRA targets September 2025 to finalise VAT reforms ahead of 2026 budget
09:46Food Suppliers Association praises President Mahama's Initiative
08:28SEC warns public against unlicensed investment schemes promoted on Social Media
10:01Parliament approves $360 million World Bank facility to support Ghana’s economic recovery
07:13Free Zones Authority engages Libyan business delegation to deepen investment ties
15:49Plastic prices to increase by 7% from July 1 due to new excise tax – GPMA announces
12:01GIPC CEO backs deployment of investment officers in District Assemblies
16:16