Debates of 4 Dec 2006

MR. SPEAKER
PRAYERS 10 a.m.
CORRECTION OF VOTES 10 a.m.
AND PROCEEDINGS AND 10 a.m.
THE OFFICIAL REPORT 10 a.m.
Mr. Speaker 10 a.m.
Order! Order! Correction of Votes and Proceedings, Thursday, 30th November, 2006 Pages 1…7.
Mrs. Gifty Kusi 10 a.m.
Mr. Speaker, on page 7, hon. Esther Dappah-Obeng has been marked absent without permission.
Mr. Speaker, she signed the form and gave it to me. I submitted it to the Table Office. So Mr. Speaker, it should be corrected; she sought permission.
Mr. Speaker 10 a.m.
Thank you very much for that.
Mr. Osei Kyei-Mensah-Bonsu 10 a.m.
Mr. Speaker, on pages 6 and 7, the hon. Members -- Evans Amoah, Yaw Barimah, Emmanuel Owusu-Ansah and Samuel Obodai — they submitted leave of absence forms and I forwarded same to you. I pray that the records be amended to reflect same.
Mr. Speaker 10 a.m.
We shall make the necessary corrections. Pages 8…11. Hon. Members, we do not have any Official Report for today.
PAPERS 10 a.m.
Mr. Speaker 10 a.m.
Hon. Majority Leader, is the Governor of the Bank of Ghana in the House?
Majority Leader (Mr. Felix Owusu- Adjapong) 10 a.m.
Yes, Mr. Speaker.
Mr. Speaker 10 a.m.
He is? Then we take item 6.
ANNOUNCEMENT 10 a.m.
Mr. Speaker 10 a.m.
Hon. Members, we have in the House, the Governor of the Bank of Ghana, Dr. Paul A. Acquah. He is here this morning to brief us on the re-denomination of the cedi. Dr. Paul Acquah, let us hear you.
Presentation by Dr. Paul Acuah on Re-Denomination of the Cedi
Introduction
1. Governor of the Bank of Ghana (Dr. Paul A. Acquah: Mr. Speaker, it is an exceptional honour for me to come and brief this House on the re-denomination of the cedi. The re-denomination of the cedi is designed to address one important lingering legacy of high inflation and macro-economic instability.
The legacy of the past episodes of high inflation has been the rapid increases in the numerical values of prices (moving into millions, billions and trillions depending on the context) as well as foreign currency exchange in local currency terms.
2. The current note regime places significant deadweight burden on the economy. This comes in several forms such as the high transaction costs at the cashiers, general inconvenience and high risks involved in carrying loads of currency for transaction purposes, increasing difficulties in maintaining bookkeeping and statistical records and ensuring compatibility with data processing software, and the strain on the payments system, particularly the ATMs.
Conditions for Successful Re-denomination
3. Experience in other emerging market economies in similar situations suggest that re-denomination of the currency in the relative prices of domestic price relation leads to significant efficiency gains, when undertaken in the context of strong economic fundamentals and macroeconomic stability, which is the situation characterizing the economy today.
4. Historical analyses suggest that re-denominations have been very successful in an environment of macroeconomic stability, that is, declining inflation, stable exchange rate, fiscal prudence, and well-anchored expectations of policy credibility. And the benefits are incalculable. However, when implemented under high inflation and unstable macroeconomic environment, the benefits have been illusive, and credibility lost.
Macroeconomic Convergence in Ghana
5. Over the past f ive years , macroeconomic stability has taken root; inflation is falling; interest rates falling; the currency is stable; the cedi's role as a store of value has been restored, and we have built a good cushion of external reserves, under a policy of commitment to fiscal and monetary prudence. This creates the appropriate conditions for the re-denomination exercise.
TRENDS IN MACROECONOMIC 10 a.m.
CONVERGENCE 10 a.m.
Mr. Speaker 10:30 a.m.
Hon. Members, I now invite questions from the floor.
Minority Leader (Mr. A. S. K. Bagbin) 10:30 a.m.
Mr. Speaker, we thank the Governor of the Bank of Ghana for coming to brief us on this sudden introduction of a very critical monetary policy. Mr. Speaker, we hope Parliament will continue to beam the hearings of committees so that the good people of our country would get to know more about what happens in Parliament.
Mr. Speaker, before I go into questions on policy and technicalities, I just want to know from the Governor whether Government was aware of this major monetary policy, and if so how come that there was no mention of it at all in the Budget that is before Parliament?
Mr. Speaker 10:30 a.m.
Governor of the Bank of Ghana, you may wish to answer -- [Interruptions.] Order! Order!
Mr. F. K. Owusu-Adjapong 10:30 a.m.
Mr. Speaker, I thought that like we do when hon. Ministers make Statements, you were going to allow contributions from all sides -- [Interruption] -- I thought, but if it is
the wish of Parliament that they want to make it like Question time and raise his status to Cabinet Minister, I do not think Dr. Paul Acquah is prepared to avoid that; so he can go on.
Mr. Speaker 10:30 a.m.
Governor of the Bank of Ghana, if you have the answer you may give it.
Dr. Acquah 10:30 a.m.
Mr. Speaker, I agree that this very important monetary policy decision and statement -- naturally there were consultations with the Government. But as a very important monetary policy decision, it is a decision that had to be managed because monetary policy actions have implications for market expectations and until the measure is fully well- designed and crafted and well prepared there is a risk of sending wrong signals -- [Uproar] -- There is a risk of sending wrong signals to the market and we feel that we have reached a point where the policy clarity would be given at the time of the policy announcement; and I think -- [Uproar.]
Mr. Speaker 10:30 a.m.
Order! Order! Let him finish answering the question, please.
Dr. Acquah 10:30 a.m.
Mr. Speaker, I am saying Government was consulted on the policy prior to the announcement.
Mr. Bagbin 10:30 a.m.
Mr. Speaker, as he himself has admitted, this is a major monetary policy and in the Budget we have financial, economic, and monetary policies which are to take effect from July 2007, that is during the course of the financial year for which we are debating the Budget. The question is how come that this was not even mentioned in the Budget, and immediately after the Budget - [Interruption.]
Mr. Speaker 10:30 a.m.
Order! Order! Minority Leader, do you think he is the proper
person to answer this question?
Mr. Bagbin 10:30 a.m.
Mr. Speaker, that is so because he has answered the first part, that there were discussions with Government, which meant that Government was aware. The second part I am raising which would lead to the question — I just want to know how much it will take this country to implement this whole programme.
Dr. Acquah 10:40 a.m.
Mr. Speaker, the new currency notes and coins would be introduced in July. [Interruptions.] It is going to take from now until July to prepare the ground for the actual issuance of the currency for the public. I have noted that this requires consultation with all those who are likely to be affected by that currency decision, but-- [Interruptions.]
Mr. Speaker 10:40 a.m.
Order! Order! Governor, you should not be distracted. Have you answered the question? If you have, you may resume your seat.
Dr. Acquah 10:40 a.m.
Mr. Speaker, I am not in a position to give the full figure because part of the public education is still being discussed with service projects. [Interruptions.]
Mr. Yaw Osafo-Maafo 10:40 a.m.
Mr. Speaker, we must thank the Governor for bringing to the attention of this august House the inevitable, that is the re-denomination of the cedi. [Interruptions.]
Mr. Speaker 10:40 a.m.
Order! Order! Hon. Members, please let us have decorum in this House.
Mr. Osafo-Maafo 10:40 a.m.
Mr. Speaker, the re-denomination of the cedi is obviously
something that we cannot do without; it was going to happen and it was just a question of time. It is something that the whole nation should accept as a matter of course because of the numbers that we are dealing with.
Mr. Speaker, I have a very fundamental question to ask the Governor. In May 2005, the Heads of State and Government of the West Africa Monetary Zone countries decided in Banjul that the Eco would be introduced on 1st December, 2009. I want to find out whether the introduction of the Eco and the re-denomination of the currency would have any relationship, and whether that date given by all of us — and he is one of the technical brains that came out with that date — is feasible. If the whole West Africa Monetary Zone countries are going to go in for a common currency on 1st December 2009, do we need to have this now? This is my question.
Dr. Acquah 10:40 a.m.
Mr. Speaker, the 2009 date has been set and it should be assumed that it is feasible, provided that all the member countries implement the necessary policies and follow all the protocols agreed under the project. [Interruptions.]
Mr. Speaker 10:40 a.m.
Governor, you should not be distracted. Have you answered the question? [Interruptions.]
Dr. Acquah 10:40 a.m.
Mr. Speaker, I have
answered the question by saying that the 2009 target is feasible provided the member countries implement all the conditions necessary to achieve a convergence to make that target date feasible.
Dr. Benjamin Kunbuor 10:40 a.m.
Mr. Speaker, I am not sure whether I should make a contribution or ask a question or do both. [Interruptions.]
Mr. Speaker 10:40 a.m.
Order! Order!
Dr. Kumbuor 10:40 a.m.
Mr. Speaker, the hon. Governor certainly knows that he is committing the taxpayer to a major expenditure. He already has indicated that there is likely to be a cost-saving in printing the new currency as opposed to the old currency. He has not indicated whether he has factored in the educational cost and the incidental cost and whether in terms of -- [Interruptions.] -- And whether after having factored them in, he still thin ks it is cheaper to print the currency.
The second related question is that when you look at Appendix I, in terms of both the primary and secondary convergence criteria, Ghana seems to be doing very, very well to move towards the Eco. Why would he be putting so much money into printing a currency only for that currency to be put out of circulation in three or four years? Is it a prudent expenditure?
Dr. Acquah 10:50 a.m.
Mr. Speaker, the road map for the implementation of the current re- denomination exercise factors into it the cost of public education. As regards the introduction of the new currency ahead of the Eco, I will point out that the benefit of improved efficiency, competitiveness and economic performance must be taken into consideration because this will put the economy in a stronger position and for Ghana to enter on a stronger note. But maybe, I would like to make two points. If you are assured of a new car at a destination and you are riding a solid car but that car needs fine-turning, you have to undertake that fine-tuning in order to get to the destination. [Uproar.]
Mr. S. K. B. Manu 10:50 a.m.
Mr. Speaker, I rise to ask the Governor of the Bank of Ghana what guarantee we have that in a country
where our internal monetary controls are dependent upon external shocks, the macro-economic stability that is informing this decision will be sustained in the near future.
Dr. Acquah 10:50 a.m.
Mr. Speaker, the economic structure is obviously subject to exogenous shocks but that does not preclude the need for implementing sound economic policies that improve the resilience of the economy and its capacity to absorb those shocks. I think this is a monetary policy reform that will boost the strength of the economy; but you cannot isolate the economy from external shocks.
Mr. Moses Asaga 10:50 a.m.
Mr. Speaker, to begin with, the Governor of the Bank of Ghana and the Bank of Ghana are supposed to be very independent from the Bank of Ghana Law that we approved here. Because of that independence it worries me when the Majority Leader is coaching the Governor how to answer -- [Laughter.]
Mr. Owusu-Adjapong 10:50 a.m.
Mr. Speaker, I think that my Colleague has made an unfair statement which undermines the integrity and the capability of the Governor and I think it must be withdrawn with apology. Definitely, the Governor is not receiving any coaching lesson from me. What is happening is this: If I tell him that he should go and stand there and talk, is that coaching? [Uproar.]
Mr. Speaker 10:50 a.m.
Order! Order.
Mr. Owusu-Adjapong 10:50 a.m.
Mr. Speaker, an eminent personality like the Governor of Bank of Ghana knows what he is doing but definitely he will not be aware of the procedure in this House, the fact that after he has answered he has to sit down, and until the Speaker directs that he should respond that he responds. Does that amount to coaching? Mr. Speaker, I think that it is an unfair statement against
an eminent person like this and must be withdrawn before we make progress.
Mr. Speaker 10:50 a.m.
Hon. Member for Nabdam, what did you say?
Mr. Asaga 10:50 a.m.
Mr. Speaker, I said that the Governor and the Bank of Ghana are supposed to be independent and therefore he should have come here with an independent mind -- without the influence of the Executive [Uproar.]
Mr. Speaker 10:50 a.m.
Hon. Member for Nabdam, did you use the word “coach”?
Mr. Asaga 10:50 a.m.
Yes.
Mr. Speaker 10:50 a.m.
Let us make progress by withdrawing it.
Mr. Asaga 10:50 a.m.
Mr. Speaker, let us make progress? It is allright, we will make progress. But Mr. Speaker, on the real issue -- [Interruption.]
Mr. Speaker 10:50 a.m.
Have you withdrawn the word? [Interruption.] Minority Leader, I am asking him a question. Let him answer, whether he has withdrawn the use of the word. I want him to answer whether he has withdrawn the use of the word. I want him to answer, then you can come in.
Mr. Asaga 10:50 a.m.
The hon. Majority Leader was coaching him on the procedure of the House and that is exactly what I was talking about, that he is supposed to be independent -- [Interruption.]
Mr. Speaker 10:50 a.m.
Order! Order! Minority Leader?
Mr. Baghin 10:50 a.m.
Mr. Speaker, the issue raised by hon. Asaga, I believe, has been well handled by the Majority Leader. The impression being created that he is coaching him on technical matters is denied by the Majority Leader. But the Majority Leader talked about he coaching him on practice and procedures of the House, not on technical matters. All the
Mr. Speaker 10:50 a.m.
Minority Leader, we are not playing football here.
Mr. Owusu-Adjapong 10:50 a.m.
Mr. Speaker, if an hon. Member prefaces his statement with a suggestion that the Governor's independence is being undermined by the type of statement as is given to him, we are not talking about procedure. We are then talking about his competence to act as the Governor of Bank of Ghana. And that is why I am asking that it should be withdrawn and made clear that the Governor is competent and he knows what he is doing. He has handled the economy to a level where we are now enjoying a stable currency.
Mr. Speaker 10:50 a.m.
Hon. Members, we do not have much time; we want to make progress.
Mr. Asaga 10:50 a.m.
So Mr. Speaker, my question to the Government -- [Interruption.]
Mr. Speaker 10:50 a.m.
No! Let us resolve this matter. [Interruption.]
Mr. Asaga 10:50 a.m.
I am t a lk ing o f independence -- [Interruption.] So Mr. Speaker, my question to the Governor is, in view of the -- [Interruption.]
Mr. Speaker 10:50 a.m.
Hon. Member for Nabdam, the Majority Leader has taken objection to what you said; let us make progress. Apologize and let us go on.
Mr. Asaga 10:50 a.m.
Mr. Speaker, if coaching is
not the right word, I withdraw the word.
Mr. Speaker 10:50 a.m.
You withdraw? Then go on.
Mr. Asaga 10:50 a.m.
Mr. Speaker, I withdraw and replace it with instructing. [Laughter.]
Mr. Speaker 10:50 a.m.
Hon. Members, he has
withdrawn the use of the word. Let us go on.
Mr. Asaga 11 a.m.
Mr. Speaker, my question to the Governor is that -- [Interruptions.]
Mr. Speaker 11 a.m.
Order!
Mr. Asaga 11 a.m.
Mr. Speaker, my question to the Governor is that, after the re- denomination and taking into consideration -- [Interruption.]
rose
Mr. Speaker 11 a.m.
Hon. Majority Chief Whip, what again?
Mr. Kyei-Mensah-Bonsu 11 a.m.
Mr. Speaker, with respect to the Chair and to all of us, the words that emanated from our Colleague are offensive. He talks about the independence of the Governor and for that matter of the institution. He avers that he is being compromised by the Majority Leader, and that is the bottom line.
Mr. Speaker 11 a.m.
Order! Order! Hon. Member for Nabdam, I thought you had withdrawn the use of the word. If you have to add other words to satisfy him, do so and let us make progress.
Mr. Asaga 11 a.m.
Mr. Speaker, I have withdrawn the word “coaching”.
Mr. Speaker 11 a.m.
And you apologise as well?
Mr. Asaga 11 a.m.
Yes, Mr. Speaker. Mr. Speaker, on more technical issues, there are two questions. The Governor was the one who in his own technical wisdom introduced the ten thousand and twenty thousand notes somewhere in the year 2003. We were using the five thousand note as the highest denomination and macro stability had started improving.
Why did he, when macro stability was improving, see the need to increase denominations instead of either keeping them there or rather deleting maybe two zeros at that time? That is the first question. The second question is, in terms of monetary supply, that is the broad money supply which is captured at page 43.
What does he think will be the effect of broad money supply with the re- denomination?
Dr. Acquah 11 a.m.
Mr. Speaker, the introduction of the ten thousand and twenty thousand notes was in the same regime. Yes, macro stability had begun to take root but we are saying that the stability has now become reasonably entrenched — [Hear! Hear!] — and therefore, the timing is more appropriate.
As far as the figures are concerned, I do not have the exact figures but we are saying that the current ten thousand cedis is equivalent to one Ghana cedi and therefore, the arithmetic is very clear.
Mr. Asaga 11 a.m.
Mr. Speaker, I am talking of M2 + money supply -- because when you take such a decision, your money supply regime is so important that you should have at least done some estimation and calculation. This is because money supply in the year 2007 is very important; and he is saying that he has not got the estimates here and he does not know the
effects it will have on money supply. Therefore, he should go and do proper work and come back.
Mr. Speaker 11 a.m.
Hon. Member for Nabdam, this is not a question.
Mr. E. A. Agyepong 11 a.m.
Mr. Speaker, as the hon. Member for Nabdam said, Act 612 gave total independence to the Governor and the Bank of Ghana with its monetary policy committee. Therefore, every decision the Governor and the committee and board take, they take it in the interest of the nation, with the Governor agreeing and accepting it, because that is the authority we gave to him.
Mr. Lee Ocran 11 a.m.
Mr. Speaker, the Governor has not been able to tell us how much this project is going to cost. Nevertheless, this nation is going to spend quite a lot of money in this exercise. May I know from the Governor if the printing of the new currency is going to be done through international competitive bidding as demanded by the National Procurement Act. [Interruptions.]
Mr. Speaker 11 a.m.
Order! Order!
Dr. Acquah 11 a.m.
Mr. Speaker, there are very few companies that do note printing and all of them have been invited to bid for the printing of the new notes on a competitive basis.
Dr. Paa Kwesi Nduom 11 a.m.
Mr. Speaker, I have a question to ask but I would like to first return to the matter of independence, once again. Mr. Speaker, we must take care, as the same people who passed the new Banking Regulations and the Act that gave the independence to the Governor, not to do anything, say anything or behave in a way on the floor of this House, even if it is the Committee of the Whole, to suggest to anybody outside of here that we ourselves are questioning the independence of the Governor or his ability to act independently.

Mr. E. K. D. Adjaho — rose --
Mr. Speaker 11 a.m.
Deputy Minority Leader, do you have a point of order to raise?
Mr. Adjaho 11:10 a.m.
Yes, Mr. Speaker. I think you have ruled on this matter. The issue of independence that the hon. Member for Nabdam (Mr. Moses Asaga) has raised, and once you have ruled on the matter we have to make progress; we do not go back to this same issue. So the hon. Minister is therefore completely out of order and it must so be ruled.
He is out of order because Mr. Speaker has ruled on the matter of independence of the Governor of Bank of Ghana; and the point has been made that we are not talking about his competence but rather talking about the technical procedures of this House, that is why the hon. Majority Leader is helping him in terms of procedure. You have ruled on that matter
Mr. Adjaho 11:10 a.m.


and I think for the hon. Minister to go back on a matter that you have ruled on is contrary to the rules of this House.
Mr. Speaker 11:10 a.m.
Hon. Minister for Public Sector Reforms, are you asking a question or you are making a comment?
Dr. Nduom 11:10 a.m.
Mr. Speaker, I am asking a question -- [Interruption.]
Mr. Speaker 11:10 a.m.
Then go ahead.
Dr. Nduom 11:10 a.m.
Mr. Speaker, I am asking a question, but it is important to know that I was not questioning your ruling and indeed what was said before. The hon. Member prefaced his comments by saying that the Governor is supposed to be independent, and that is what I am saying. And it is important for us to say it and repeat it, that we should not do or say or engage in any behaviour on this floor to suggest that the Governor might not be acting independently.
Mr. Speaker, we know that in some countries, the Governors are commandeered by the Government to hand over cash to Government officials but it does not happen in Ghana. This Governor is not instructed by the Government in any way. It is important for us to say that part.
Mr. Speaker, my question to the Governor is, if the Governor can tell us which countries have engaged in what the Bank is suggesting for us to do and whether they have reaped positive benefits or not. Can he assure this House that if we implement this new policy, indeed, Ghana would gain positive benefits as, perhaps, other countries may have gained?
Dr. Acquah 11:10 a.m.
Mr. Speaker, I will mention at least three countries that have done this exercise and reaped maximum benefits. They include, Turkey, Mexico, and Argentina. There is one country that also did a similar exercise, the Democratic
Republic of Congo. Dr. Congo did not derive any benefits because the policy supporting that exercise was not adequate.
Mr. A. W. G. Abayateye 11:10 a.m.
Mr. Speaker, in the course of the Governor's presentation, he made mention of economic stability as a key to the success of this monetary exercise. Looking at our country, we can see that our country is based on external links. For instance, currently, our external reserves are to last for three and a - half months. Again, oil prices are not in our favour. So with these, I want to ask how sustainable this exercise is going to be, knowing that our country lives on external shocks?
Dr. Acquah 11:10 a.m.
Mr. Speaker, external shocks occur irrespective of the currency regime.
Dr. A. A. Osei 11:10 a.m.
Mr. Speaker, I want to thank the Governor for coming here this morning to reassure us of a very important monetary policy decision. Mr. Speaker, just to reassure hon. Members who I know -- [Interruption} -- Mr. Speaker, our Constitution, article 183 (2), tells us this and with your kind permission I would like to quote:
“The Bank of Ghana shall --
(a) promote and maintain the stability of the currency of Ghana and direct and regulate the currency system in the interest of the economic progress of Ghana.”
Mr. Speaker, that same article, subclause (2)(d) also says, and with your permission I quote:
“(2) The Bank of Ghana shall --
(d) do all other things not inconsistent with this articleas may be prescribed
by law.”
Mr. Speaker, this is exactly the reason the Governor is here this morning, and I think hon. Members would agree that the Governor is abiding by our Constitution -- [Interruption] -- and we need to thank him for that.
Mr. F. W. A. Blay 11:10 a.m.
Mr. Speaker, we are aware that the cost of money to do business in this country is quite high and invariably out of reach of most indigenous businesses in this country, when you want to talk about collateral from the banks when borrowing. As supervising bank, interested in the expansion of the economy, particularly with the involvement of individuals or companies in this country, what do you think your Bank is doing about it?
Mr. Speaker 11:10 a.m.
Was it a comment or a question?
Mr. Blay 11:10 a.m.
I did ask what the supervising Bank was doing to get indigenous businesses involved in the economy.
Mr. Speaker 11:10 a.m.
Governor of Bank of Ghana, do you have any comments to make?
Dr. Acquah 11:10 a.m.
Mr. Speaker, in all humility, I must say that I could not hear the question clearly. If the hon. Member would repeat it, please.
Mr. Blay 11:10 a.m.
Mr. Speaker, I did say that the cost of money in this country is quite high, particularly when it comes to indigenes and companies here involving themselves in borrowing money to do business. They ask for very high collateral which may be outside the reach of most indigenous businesses in this country. You want the private sector, particularly indigenous private companies to be involved. You being the supervising Bank in this country, what are you doing about it?
Dr. Acquah 11:10 a.m.
Mr. Speaker, I think by virtue of the strong fiscal and monetary policy that has been implemented, we have seen the cost of funds coming down from very high levels to the current relatively low level, even though we agree that it is still high. And I think this inspired the process towards converging a low inflation and low interest rates and therefore financial cost of doing business.
Mr. E. K. Salia 11:20 a.m.
Mr. Speaker, clearly, we have heard about the benefits of re- denomination, and the Governor tried to give -- [Interruptions] -- We have heard the benefits, and he has tried to convince us it is a necessary exercise. Unfortunately, he tried to give the impression that it was because the fundamentals of the economy were right. I happen to know that the same exercise has been carried out in other economies that do not have similar strong economic fundamentals, as in Zimbabwe.
Beyond that, he also alluded to the fact that it would be in the right direction, even prior to the adoption of the Eco, if we re-denominated. Unfortunately, I also recall that in the case of the Euro -- you remember the Italian Lira -- several Italian liras were converted to the dollar but when it came to the creation of the Euro, the Italians did not have to re-denominate before they joined the Euro system. I believe that even though he has been convincing, the main issue still stands in respect of the cost of this exercise.
We must look at the cost of doing this in relation to the benefits. I do know that specie have a useful life. Normally, when you print currency, you expect that such currency would be used over a longer period; the longer the specie is used the lower the unit cost. If we are going to use this currency for just 18 months before we convert to the Eco, can he justify that there are positive benefits ahead of the numerous costs that he has enumerated,
Mr. E. K. Salia 11:20 a.m.


in respect of internal costs to the Bank of Ghana and the individual cost to those who are going to be affected by this change? We have also seen a lot of suffering in the rural economy as a result of previous similar exercises. How can he convince us that these costs are not excessive, considering the benefits?
Dr. Acquah 11:20 a.m.
Mr. Speaker, I think the greatest benefit is the potential efficiency gains in the economy. Assuming that there is an increase in the growth rate by a certain percentage point because of these efficiencies that accrue from the re- denomination that alone would justify the cost of introduction of the currency. We believe that the exercise will really spark efficiency in the system; and I think that alone will be sufficient to position the economy competitively, not only within the West African Monetary Zone but globally as well.
Mr. Owusu-Adjapong 11:20 a.m.
Mr. Speaker, from the comments and questions that hon. Members have been raising on the floor, I am inclined to believe that we all see the need for the Governor to make progress, and the fact that he is going to give us six months before the currency is introduced is very comfortable to some of us.
Again, as he indicated, there will be the need for printing of currency, whether it is the current one or the new currency and, therefore, what we need to get from him is an assurance that he will continue to brief, if not the whole House, at least, the Committee on Finance periodically on what the next stage is. So that by the time the Bill comes to Parliament for us to consider, we will all be abreast with the situation.
Mr. Speaker, as Members of Parliament, we can assume that we are one of the major resource persons in such an exercise. Therefore, my Colleague the Minister for Finance and Economic Planning
will definitely ensure that we resource Members of Parliament during the recess for them to be able to bring the good message home to our own voters.
rose
Mr. Speaker 11:20 a.m.
Hon. Member for Bole- Bamboi, do you have a point of order?
Mr. J. D. Mahama 11:20 a.m.
Mr. Speaker, I think the Majority Leader is out of order. Some of us have questions; if he has a question he should ask it. I do not know why he is summarizing; it is not his duty to summarize. I have a very important question I want to ask and it is for Mr. Speaker to determine when Question Time is over. His summary is not necessary -- [Interruptions.]
Mr. Speaker 11:20 a.m.
I have so determined that it is over --[Hear! Hear!]
Mr. Owusu-Adjapong 11:20 a.m.
Mr. Speaker, therefore, as I was saying, the Governor also should factor in his budgetary allocation for dissemination of this particular matter, in consultation with Leadership for us to see to what extent we can also help in bringing the message to the grass roots. For instance, Members of Parliament have the capacity to call all teachers in their areas, religious bodies and other opinion leaders; definitely if we are sufficiently informed and sufficiently resourced, we can play a major role in ensuring a successful re-denomination of the cedi.
Mr. Bagbin 11:20 a.m.
Mr. Speaker, I believe the role this House and Members of Parliament are to play in this whole
exercise is not just a major role -- it is a crucial role. Mr. Speaker, I believe strongly that we have not exhausted the questions and answers but for want of time, we have to move on. The Governor and his team will have to come back to this House and brief us again for us to be able to -- [Interruption] -- Yes, I am speaking as Parliament.
rose
Mr. Speaker 11:20 a.m.
Chief Whip, what point of order do you have?
Mr. Kyei-Mensah-Bonsu 11:30 a.m.
Mr. Speaker, I agree with the principle being espoused by the hon. Minority Leader, when he says that it is necessary because of the fact that the Governor has not been able to explain all issues and so it may be necessary for him to come back; that is agreeable. But for him to say that he will have to come back, Mr. Speaker, with respect to him, it does not lie in his mouth to order the Governor.
Mr. Speaker 11:30 a.m.
Minority Leader, please conclude.
Mr. Bagbin 11:30 a.m.
Mr. Speaker, this young
man does not appreciate the importance of Parliament. And when we are speaking in Parliament, such language is permitted because you would want people to know that when it comes to the issue of scrutiny, when it comes to the issue of holding the Executive accountable, Parliament is the highest institution. I have not ordered him; I have not done that. The language that is used means that it is absolutely necessary for him to come back to this House to brief us.
Mr. Speaker, I just want to prompt him that the issue concerning the consolidation -- I heard him rather use the term “entrenchment” -- I do not think we have reached “entrenchment”; we are still consolidating. It is believed by others that this consolidation is as a result of the free money that we are getting from outside. Therefore, when he is coming, he should be prepared to answer questions along all these areas.
Mr. Speaker, I also add my voice in thanking the Governor and his able team for coming to brief the House.
Mr. Speaker 11:35 a.m.
Governor of the Bank
of Ghana, thank you very much for appearing to brief hon. Members on the re-denomination of the cedi. You are discharged.
Hon. Members, we now move to item 5 -- Motion.

Sitting resumed.
MOTIONS 11:35 a.m.
  • [Resumption of debate from 30th November, 2007]
    • Minority Leader (Mr. A. S. K. Bagbin) 11:35 a.m.
    Mr. Speaker, I stand to sum up the submissions of the Minority in Parliament on the debate on the motion calling on this House to approve the Financial Policy of Government for the fiscal year ending 31st December, 2007.
    Mr. Speaker, in doing so, I will just add a few issues that might not have been raised and also try to reiterate, for purposes of emphasis, some of the issues that have already been canvassed by hon. Colleagues in trying to prove why the Budget Statement was referred to as an awam Budget.
    Mr. Speaker, it is important for it to be seriously noted by this House as mentioned by other hon. Members, that we will need to work on our practices and procedures. We will need to look at our Standing Orders and rules to make sure that when we get an occasion like this, we are able, willing and capable of debating not just the financial policies of the Government but also the economic and monetary policies of the Government for the year.
    But as our Standing Orders stand now, we are only being called upon to debate the financial policy of the Government. So I agree with hon. Members who have called upon the House to review, revise and revitalize the Standing Orders of the House.
    Mr. Speaker, our hon. Colleagues
    Mr. Yaw Osafo-Maafo 11:35 a.m.
    On a point of order. Mr. Speaker, I think the term “Growth and Stability” has no element of contradiction. We are talking about our stability, looking at our macro framework. So if your inflation is low and all those macro indicators are low, one can still grow very fast. Mr. Speaker, it is GDP that we are talking about. So we can even double it. So I cannot see anything wrong with having the theme, “Growth and stability”. Indeed, one must with caution ensure that one's growth will have stability. Otherwise, one comes back to square one. So I believe that the theme is very good and it makes the growth sustainable.
    Mr. Bagbin 11:35 a.m.
    Mr. Speaker, the former Minister for Finance and Economic Planning might be talking finance; I am simply referring to English language. [Laughter.] And, Mr. Speaker, anytime there is growth, there is improvement. There is change, whether it is even in the value of a currency. That value is not stable; that value is improving. So Mr. Speaker, that is the terminology I am using. [Interruptions.]
    Mr. Speaker 11:35 a.m.
    Order
    Mr. Bagbin 11:40 a.m.
    Mr. Speaker, I said that that was almost an oxymoron. That is the
    term I used and I stick to that term. Mr. Speaker, I said that my hon. Colleagues opposite used a lot of superlatives; some used terms like “its smooth budget”; some tried to refer to the Budget as very resilient in an economy which is, according to them, very stable for all. I believe that some of these terms are just hyperboles. [Interruptions.]‘Hyperbole' is a deliberate exaggeration.
    Mr. Speaker, I think that there has been an improvement in the time allocated for the debate of the Budget. But it is important we emphasize the point that this House will have to pass an Appropriation Act where some of the best practices could be inculcated to ensure that Parliament can get between two and three months to debate the Budget Statement.
    According to the hon. Member for Offinso North (Dr. K. K. Apraku), this Budget is visionary, inspiring and credible -- [Hear! Hear!] -- Mr. Speaker, he says that it is built on a solid foundation. Mr. Speaker, his attention was drawn to the fact that when he stated that about ten thousand pupils in his constituency were enjoying the free school feeding programme, that definitely was falsehood.
    This is because nationally, the whole programme was feeding seventy-two thousand pupils. So ten thousand from the seventy-two could not specifically be for his constituency only. [Laughter.] Mr. Speaker, I am raising this for hon. Members to know that the Budget itself is built on such statements; and I will proceed to give evidence to prove it.

    Mr. Speaker, I am tempted to agree with the hon. Member who seconded the motion, hon. Oppon-Kusi, because he
    rose
    Mr. Speaker 11:40 a.m.
    Hon. Member for Ofoase/Ayirebi, do you have a point of order to raise?
    Mr. Oppong-Kusi 11:40 a.m.
    Yes, Mr. Speaker. Mr. Speaker, the hon. Minority Leader is quoting me to support his argument, but I am sorry to say he is quoting me out of context. Mr. Speaker, my exact words were that -- I sought to find out whether there was a balance between what is feasible and what is desirable. I did not say the Budget is only about what is feasible -- a balance, and a proper balance between what is feasible and what is desirable. They are not the same things, Mr. Speaker.
    Mr. Bagbin 11:40 a.m.
    Mr. Speaker, he just confirmed what I said. I said that that statement is nearer the truth. I was simply paraphrasing him; I was not quoting him. Mr. Speaker, I was talking about somebody who had bought clothing from the “bend-down” boutique but was trying to give the impression that he bought that clothing from ‘Body Talks'; and we know ‘Body Talks' is an expensive clothing shop. Mr. Speaker, when you try to do that then what you are doing is an awam. In other words, you are deceiving people that you bought that clothing from an expensive shop when in actual fact you took it from a “bend-down” boutique -- Obroni wawu.
    rose
    Mr. Speaker 11:40 a.m.
    Hon. Member for Bosomtwe, do you have a point of order to raise?
    Mr. Osei-Mensah 11:40 a.m.
    Yes, Mr. Speaker. Mr. Speaker, the hon. Minority Leader made a statement which contradicts what he said with this subsequent analysis. Mr. Speaker, he said that what had been done in the Budget was like somebody who had purchased an item from a “bend-down” boutique and pretended or was going round to tell people that he purchased the item from an expensive boutique; and for that matter they gave the Budget a name called awam.
    Mr. Speaker, then he went on to say that the abolition of the National Reconstruction Levy was a good thing. He recounted several parts which are good in the Budget, which is contradictory to his
    earlier statement. This means that what has been stated in the Budget is the exact thing the Government is telling the people of Ghana. So it is not something that has been purchased from a “bend-down” boutique, if they are claiming that it was purchased from a boutique. So the hon. Minority Leader should address that and correct that erroneous impression which he is giving to this House and the general public.
    Mr. Speaker 11:40 a.m.
    Minority Leader, please continue.
    Mr. Bagbin 11:40 a.m.
    Mr. Speaker, the other measure which has been properly captured in the Budget has to do with the Endowment Fund for Science and Technology. I think that it is quite a good measure; we are told it is going to be located in the Council for Scientific and Industrial Research (CSIR). The only issue we raised in connection with that is the constant mobility of that sector Science and Technology. The Government since 2001 has not given serious attention to science and technology which has received a lot of backing; I believe a section of it is now misplaced with education and the technological aspect got lost along the way.
    Mr. Speaker, we be l ieve tha t Government would have to readdress this and know that before we can get a middle- income status we should have reached a certain degree of excellence in science and technology. In fact, we should have developed a product that is internationally recognized as our contribution to global development. Mr. Speaker, I think we are far from that; and this is one of the areas that we have to look at as a country.
    Mr. Speaker, we also agree with Government that the Golden Jubilee Bond is a very good measure. We even think that the figures that Government has put in the Budget are rather conservative. We believe we can get more than that if Government
    is committed and ambitious to get money to develop the country. There are other measures like computers for schools and then the issue of the private finance initiative. I think some of these initiatives will be well supported by hon. Members from this side of the House and we want to see them blossom to fruition to support the development of the country.
    But Mr. Speaker, there is also the other side of this Budget and I believe strongly that that is why people believe that if this is a Budget for the Golden Jubilee Year then we need to rethink the development paradigm of this country.
    To start with, Mr. Speaker, we are running a visionless programme. Why do I say so? We do not have any long- term vision for this country. There is no comprehensive development programme framework. People refer sometimes to 2015, looking at the Millennium Development Goals as the vision. That definitely cannot be a vision. The Millennium Development Goals are the goals; and goals such as reducing extreme poverty by half cannot be a vision for a country.
    Mr. Speaker 11:40 a.m.
    Deputy Minister for Finance and Economic Planning, do you have a point of order?
    Prof. Gyan-Baffour 11:40 a.m.
    Yes, Mr. Speaker. Mr. Speaker, I think the hon. Minority Leader is misleading everybody in the House here and the country. He knows
    very well that the vision of this country has become a middle -income economy, and we have set it at $1,000 by the year 2015; it does not have anything to do with the Millennium Development Goals. That is the vision of this country and that is what will run this Budget. Mr. Speaker, thank you for giving me the opportunity.
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, my good Friend, Prof. Gyan-Baffour is aware that what he stated cannot be found in any document. A comprehensive document strategizing a development of Vision 2015 -- he should produce that document. How we are to get to Vision 2015. There is no such document.
    Prof. Gyan-Baffour 11:50 a.m.
    Mr. Speaker, I think the Minority Leader knows very well that the Constitution required that under article -- I do not remember that -- But whenever a President comes into power, within two years his vision has to be submitted to the House. And it was submitted to this House for a co-ordinated programme for the economic development of Ghana. There he will find that the vision is that, we have to reach a middle- income economy by the year 2012, or in a decade. So that is where that figure is coming from. And he knows that it is in the House. So Mr. Speaker, if he says that we do not have any such document, I think he is misleading everybody and he should maybe correct it.
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, the hon. Member is aware that I have discussed this issue with him before. In what was brought to this House in 2001/2002, they were talking about Vision 2010. What came to this House stated Vision 2012 -- Vision 2012 and not Vision 2015.
    Mr. Speaker, last year's Budget
    captured the three -- the Ministry of
    Mr. Bagbin 11:50 a.m.


    Foreign Affairs, Regional Integration and NEPAD and was talking about Vision 2010; the Ministry of Education, Science and Sports was talking about Vision 2015; and another Ministry was talking about 2012. What is the vision? [Interruption.] It is here. Mr. Speaker, it is in the Budget Statement of last year. It is there and we drew their attention to it, that what is the comprehensive vision in this country?
    Dr. Nduom 11:50 a.m.
    Mr. Speaker, the Minority Leader wants to continue to mislead everybody. I am the one who came to this House and presented that co-ordinated programme to this House. The document is here in this House and perhaps if he should go back and refer to that document -- It did not talk about 2015; it did not talk about 2012; and it had a title which was, “A Co-ordinated Social Economic Programme of Ghana”. And in there, the vision is clearly stated. He should go back to that document and stop misleading this House.
    Mr. Speaker, the hon. Minority Leader needs to withdraw the statement he made because it is not correct. The document was presented to this very House and it is here. I presented the document to this House and I know the contents.
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, I am really surprised the hon. Minister for Public Sector Reforms is saying this. He should go and read his document properly. The document is talking about Vision 2012, it is there in the document, and I have used those documents many times. There is no Vision 2015 document in this country -- Yes, that is exactly what I am saying. So Mr. Speaker -- [Interruption.]
    Mr. Speaker 11:50 a.m.
    Do not be distracted.
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, I am saying that I have a difficulty in that the
    rose
    Mr. Speaker 11:50 a.m.
    Hon. Minister for Education, Science and Sports, do you have a point of order to raise?
    Papa Owusu Ankomah 11:50 a.m.
    Mr. Speaker, the hon. Minority Leader persists in misleading this House. According to him, last year's Budget presented a vision for the Ministry of Education, Science and Sports for 2015 or 2012. The Education sector has a strategic plan and that is what he did for the period 2003 to 2015; that is not a vision, it is a plan. There is a difference between a vision and a plan. And the hon. Minority Leader should not persist in misleading this House.
    Mr. Speaker 11:50 a.m.
    Minority Leader, I hope you are watching your time as well.
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, I just simply want to ask the hon. Minister for Education, Science and Sports to get back to his Budget Statement of last year and see the actual words that were used. Mr. Speaker, the words that were used talked about a vision 2015. Mr. Speaker -- [Interruption]-- That is his problem.
    Mr. Speaker 11:50 a.m.
    Order!
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, even accepting what he said, that they are talking about Programme 2015-- [Interruption] -- He said a programme; they are implementing a programme up to 2015.
    Mr. Speaker 11:50 a.m.
    Order! Order! Minority Leader, you should not be disenchanted.
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, I am simply saying that we have a difficulty as a country because we are having “immediate” term development programme --
    Papa Owusu-Ankomah 11:50 a.m.
    Mr. Speaker, the hon. Minority Leader refuses to accept that he has made a mistake, and that is my problem. Purposely, he continues to mislead the House and when one points it out to him, he says that this is not what I meant and this is not what I said. He referred to the Budget of last year and I am challenging him to refer to the page and the paragraph where the Budget talks about Vision 2015 for education.
    I said Education Strategic Plan but he persisted and said no, he was talking about a programme. I am saying plan; if I am wrong he should point it out. If he is wrong he should humbly and modestly withdraw. He is not a repository of all knowledge; he makes mistakes, and we all make mistakes. He should learn to withdraw when he makes a mistake.
    Mr. Speaker 11:50 a.m.
    Minority Leader, what do you say to that?
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, the Professor mentioned a vision to get this country to a middle-income country status; that is what he just spoke about. Mr. Speaker, I am aware of a statement to that effect -- [Interruption.]
    Mr. Speaker 11:50 a.m.
    The problem is with the Minister for Education, Science and Sports.
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, I will respond to the hon. Minister for Education, Science and Sports. Mr. Speaker, if you look at paragraph 652 of the Budget Statement for 2006, it says and I read:
    “The GPRS II identified the education sector as key in the production of the requisite human
    capital necessary for attaining a middle income country status, with a per capita income of thousand dollars by 2015.”
    Mr. Speaker, middle-income status with a per capita income of thousand dollars by 2015; that is the vision Prof. Gyan- Baffour is talking about, and I am saying that his Ministry last year referred to that Vision 2015; but the Ministry of Foreign Affairs, Regional Integration and NEPAD referred to 2010.
    Mr. Speaker 11:50 a.m.
    Minority Leader, I am more concerned with this point raised by the hon. Minister for Education, Science and Sports.
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, that is what I referred to; that is the Ministry of Education, Science and Sports. What I read was of the Ministry of Education, Science and Sports.
    Papa Owusu-Ankomah 11:50 a.m.
    Mr. Speaker, he should read paragraph 656.
    Mr. Speaker 11:50 a.m.
    Hon. Minister for Education, Science and Sports, let us have order here. Yes, which paragraph are you referring to?
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, paragraph 652 of the Budget for last year; it is clear there.
    Mr. Speaker 11:50 a.m.
    Minority Leader, what do you say to the education strategic plan?
    Mr. Bagbin 11:50 a.m.
    Mr. Speaker, that is what I am saying. I said that his Ministry last year referred to Vision 2015 because that is what paragraph 652 is talking about. Paragraph 652 is talking about attaining middle-income country status with a per capita income of US$1,000 by 2015. I am
    Mr. Bagbin 11:50 a.m.


    saying he referred to it and I am saying that the Ministry of Foreign Affairs, Regional Integration and NEPAD referred to Vision 2010, which is also in the Budget. So I am saying that we do not have a consistent, comprehensive development framework. That is the point I am raising.
    Mr. Speaker noon
    You may wish to continue because we do not have much time. [Laughter] -- So continue.
    Mr. Bagbin noon
    Mr. Speaker, we do have a medium-term development programme, GPRS II. And it is based on that that we have had Budgets and we have this budget. Mr. Speaker, when you go through this Budget you will see that it is more of a ritual, of rhetorics; and we have raised a number of issues here to support that view. Mr. Speaker, the first one I want to refer to. Not just what happened this morning -- [Interruption] -- If it is an oversight then it is a very serious oversight. It is a matter that should have been captured in the 2007 Budget because it is a monetary policy that will start its implementation in 2007.
    There are cost implications, there are financial implications, there are monetary implications, but these were not captured at all. So as the Ranking Member for Finance mentioned, there is a perception gap; it is not only a perception gap, there is credibility gab. People do not take us seriously when we are reading the Budget because they know that we will read the Budget here and go and implement something different. I am going to refer to some of them.
    Mr. Albert Kan-Dapaah noon
    On a point of order. Mr. Speaker, I wonder if we can get some of these issues right -- a point of clarification. Mr. Speaker, we have agreed in this House that monetary policies are special preserve of the Bank of Ghana. How does he expect the hon. Minister for Finance and Economic Planning to make an announcement relating to a major monetary policy even before it would have been announced by the Bank of Ghana? [Interruption] -- Yes, but who announces it?
    Mr. Speaker noon
    Hon. Minister for the Interior, are you being distracted? You should not be.
    Mr. Bagbin noon
    Mr. Speaker, I said I would proceed to refer to some of them. In the 2006 Budget, at paragraph 557, this is what the Budget says of Government Housing Policy, and I quote:
    “Mr. Speaker, it is estimated that in housing delivery a deficit of between 350,000 and 400,000 houses existed since 1980 to date. The Ministry is determined to produce about 125,000 housing units annually, over the medium term, to make up for the backlog.”
    Mr. Speaker, in the 2007 Budget, at paragraph 524, this is what the Government says on housing; again I quote:
    “Mr. Speaker, the objective of the housing policy is to support the private sector to increase housing delivery in the country. The Ministry will construct 20,000 housing units annually over the next 5 years. It is expected that the construction of the Affordable Houses will result in the creation of 60,000 direct jobs and twice as much indirect jobs annually.”
    Mr. Speaker noon
    Minority Leader, why did you refer us to paragraph 557?
    Mr. Bagbin noon
    Mr. Speaker, paragraph 557 pertains to the 2006 Budget Statement and paragraph 524 relates to the 2007 Budget Statement, the current Budget Statement. So whilst last year's Budget Statement is talking about the construction of 125,000 housing units annually, this year's Budget Statement is talking about 20,000 housing units annually. Mr. Speaker, this does not show consistency or credibility. Mr. Speaker, people are just playing with figures. [Interruption.]
    Mr. Hackman Owusu-Agyemang noon
    On a point of order. Mr. Speaker, if my hon. Friend would read again, the 2006 figure was the totality of what we expected. And in view of the shortages, what he is saying is this -- I think there is a world of difference between the totality and what the Government itself would do. The private sector, obviously, is the major deliverer of this commodity. That is precisely what it is saying. I do not think there is any contradiction at all. We have narrowed it down to what is within our own capabilities, within our own control, as opposed to the one which is under the influence of the whole economy. And I think there is no contradiction.
    Mr. Bagbin noon
    Mr. Speaker, the hon. Minister, maybe, did not hear what I quoted. It did not say private sector, it said, “the Ministry is determined to produce about 125,000 housing units annually” -- the Ministry, not the country.
    Mr. Speaker, so I raise the issue of credibility of statistics; and let me buttress this point. We raised a question mark on the GDP growth rate of 6.2 per cent. Mr. Speaker, we asked how it was calculated. The response from the hon. Deputy Minister for Finance and Economic Planning (hon. Dr. Akoto Osei) was that
    there is usually a residual factor. He was asked to mention that factor; he could not and the Speaker had to intervene to say there might be a long process, so it was not something he could say off the top of his head. So we let that stay for the meantime.
    Dr. A. A. Osei noon
    Mr. Speaker, under normal circumstances I would not get up and challenge my hon. senior Colleague. Whoever told him that has grossly misled him. Mr. Speaker, I told him that if the hon. Member would see me in chambers --- Mr. Speaker, that item he is looking for, the variable, is indirect taxes. If you look at the equation, there is an indirect tax component.
    Mr. Bagbin noon
    Mr. Speaker, I have
    done at least some economics at GIMPA -- [Laughter] -- Indirect taxes cannot be termed ‘residual factor', as he has just said. Mr. Speaker, I have not been misled. Even in their own Budget they have captured the residual factor in the calculation of the balance of payments. There is no residual factor in the calculation of Gross Domestic Product (GDP).
    Dr. A. A. Osei 12:10 p.m.
    Mr. Speaker, working on the balance of payments is completely different from calculating GDP from the production side. I do not know who is telling him this. Yes, he has learnt economics but he should go and take every principle of economics textbook. Mr. Speaker, if he thinks I am lying I will go to my office and bring an economics textbook for him to look at. Balance of payments has nothing to do with that, so he should not let anybody mislead him; if the Senior Minister were here he would have confirmed what I have said.
    Mr. Bagbin 12:10 p.m.
    Mr. Speaker, I think my hon. Colleague is not listening to my point. I have not said you use balance of payments to calculate GDP; I have not said that. We cannot use balance of payments in the calculation of GDP; I have not said that. I said that it is when we are calculating balance of payments that we use residual factor, but when we are calculating GDP we do not use residual factor; he disagreed with me and said I have been misled. I have no problem with his statement. I am telling him my information; if he disagrees with me, that is not a point of order.
    Mr. Speaker, let me continue on the issue of credibility of statistics. Mr. Speaker, an hon. Member on this side of the House was able to draw the attention of the Ministry to the fact that there are 32 inconsistencies in the data that are in this 2007 Budget. Mr. Speaker, I have compiled all the 32 inconsistencies and he is at liberty to come for copies. Mr. Speaker, his answer was that the Ministry cannot be held responsible for those statistics because they come from the Ghana Statistical Service (GSS).
    Mr. Speaker, the GSS is not before us
    Dr. A. A. Osei 12:10 p.m.
    On a point of order. Mr. Speaker, if my hon. Colleague was listening to me the last time, I did not say we are not responsible for the Budget. I reminded him that the Ghana Statistical Service (GSS) continuously revises its data, that cannot be called an inconsistency. Revision is allowed and they do that always, that is not an inconsistency. Mr. Speaker, there is a difference between actual, provisional and projected data and the GSS continuously does that. We are reporting their review and that is not an inconsistency.
    Mr. Speaker, if he can go to that same table that his hon. Colleague was referring to, he will see that the reason the revision has come is because the weights have changed. He should look at that same table he is talking about and he will see why if we do it properly we must get a lower number. He has to look at the data properly and he should not call it inconsistency, because he does not understand how it was derived.
    Mr. Bagbin 12:10 p.m.
    Mr. Speaker, it is important that my hon. Colleague goes back to look at the figures. If they quote in 2004 an actual figure, not provisional, not estimates, and then if in their 2007 Budget they are referring to that figure and they change it and he tells me here that, that is revision of actuals in 2004 -- Mr. Speaker, I worked with the Ghana Statistical Service. We converted it from the Central Bureau of Statistics to the
    Ghana Statistical Service.
    Mr. Speaker 12:10 p.m.
    Minority Leader, you have been on your feet for about 45 minutes now.
    Mr. Bagbin 12:10 p.m.
    Mr. Speaker, I have referred to the inconsistencies in the figures which form the basis for a lot of the calculations. I just want to refer to a few -- [Interruption.]
    Prof. Gyan-Baffour 12:10 p.m.
    On a point of order. Mr. Speaker, I think the hon. Minority Leader is actually confusing everybody. When the Governor of the Bank of Ghana came into the House here we were told that the Governor is independent of the Ministry of Finance and Economic Planning, so if the Governor comes out with figures, the Ministry has no right to change those figures.
    Again, if the Government Statistician brings in the growth figures, the Ministry of Finance and Economic Planning has no right to change the figures. That is precisely what my hon. Colleague is saying here that whatever figures come from them is what we report; but we are not saying that we are not responsible for the Budget. We do not cook figures; the figures come from different authority so he has to understand that.
    Mr. Bagbin 12:10 p.m.
    Mr. Speaker, my
    hon. Colleague has just confirmed the unreliability of the figures. He is saying that they do not have any power to change them, so even if they give them “10” today and tomorrow they bring them “15” they just accept it. The next day if they bring “20” they just will accept it because they have no power to change it; but based on these figures they calculate the growth rate and the rest -- unreliable. Mr. Speaker, let me just mention a few of them.
    In the 2006 Budget, page 23 -- Growth of Agriculture, page 23, Table 1--
    Dr. A. A. Osei 12:10 p.m.
    On a point of order. Mr. Speaker, this is why I say that sometimes we are too much in a rush without understanding -- Mr. Speaker, let us go to the 2006 Budget Statement, the page 23 he is talking about, the 7.5 per cent that we have -- Please look at the breakdown. Mr. Speaker, with your permission I want to read:
    “Crops and Livestock, 5.3.”
    Mr. Speaker, page 23 of 2007 Budget
    Statement, the 7.0 per cent is explained this way. Let us look at the Crops and Livestock, the number here now is 4.3 instead of 5.3. Mr. Speaker, if we look at Cocoa --29.9. Mr. Speaker, Forestry and Logging -- 5.8 per cent; Forestry and Logging -- 4.2 per cent. Mr. Speaker, if the aggregated data has changed then the GDP growth rate must change. That is the explanation. So they revise it based on the latest information. It does not make it inconsistent, and he has to understand how it is derived.
    Mr. Bagbin 12:10 p.m.
    Mr. Speaker, I thank him very much. He is very right. Those are the figures I was going to refer to. But how come somebody can just sit in his office and be changing those figures? These are actuals; they are not provisional.
    Mr. Speaker, I am going to the next point.
    Mr. Speaker 12:10 p.m.
    Minority Leader, when are you going to conclude?
    Mr. Bagbin 12:10 p.m.
    Mr. Speaker, even
    Mr. Bagbin 12:20 p.m.
    when we look at the issue of utility price subsidies, in all the Appropriation Acts they always make provision for utility price subsidies. Mr. Speaker, if you go through the Appropriation Act (2005), Act 688, a provision was made -- ¢349.5 billion.

    Mr. Speaker, when you come to the Appropriation (2) Act (2005), Act 695, there was no provision made for subsidies for utilities and TOR. But surprisingly, the Government spent a lot on that item. They spent almost six hundred billion cedis on that item. Mr. Speaker, I do not know whoever approved that for the Government; I do not know.

    This is because if you ever read through the Budget Statement, the impression is given that we are doing a programme of deregulation where there is total cost recovery; and that is why no provision was made in the Budget that we approved. How come that getting to about six hundred billion cedis was paid for it? Mr. Speaker, I am raising the issue that when there is the need for the Government to spend money on such items, they have to come back to this House.
    Dr. A. A. Osei 12:20 p.m.
    Mr. Speaker, the hon. Deputy Minority Leader in his submissions last week, tried to raise the same issue and I think he and I had a discussion about why that amount. Mr. Speaker, this same Parliament passed an Act, Act 642, and with your kind permission if I may read:
    “The Object of the Fund -- The Object of the Fund is to finance the payments of debts incurred by the Tema Oil Refinery Company.” This House approved an excise tax
    for that purpose. This Ministry is simply performing an act that was required by this House. Mr. Speaker, the National Petroleum Authority could not give us the numbers at the time we were preparing the Budget. There is always a contingency line, my hon. Colleague explained to us. We are allowed to do that because this House has authorized us to make sure that TOR does not incur any debt.
    The under-recovery which comes from the National Petroleum Authority was not known at the time that we were preparing the Budget, so we could not see the line; but the contingency line allows us to religiously do what the House had required of us to do. There is no illegality in this matter. If we had not made the payment, we would be in violation of this same Act.
    Mr. Bagbin 12:20 p.m.
    Mr. Speaker, my hon. Colleague is aware that the legislation was for the TOR debt that had been accumulated; that was not for under- recovery. I am talking about under- recovery and I am saying that the under- recovery that they did is not something that was covered by the Appropriation Act, and that they should have come to this House. The legislation that he referred to is for a debt that accumulated some years ago. That is a different issue.
    rose
    Mr. Speaker 12:20 p.m.
    Hon. Deputy Minister for Finance and Economic Planning, do you have a point of order?
    Dr. A. A. Osei 12:20 p.m.
    On a point of order. Mr. Speaker, the recurrence of under recovery results in a debt accumulation -- The deficits grow to become debts. We are empowered to stop TOR from accumulating debts. So he cannot say that it is not a debt. The deficits grow to
    become debts. Anytime there is one cedi under-recovery it matures into a sort of debt. That is what we are trying to assure ourselves of; that it was not debts that stood at ¢4.3 trillion. Mr. Speaker, you would see that the reason why we brought the tax down was because we had been paying enough of it. So any deficit that goes there becomes a debt on the books on TOR.
    Mr. Speaker 12:20 p.m.
    Hon. Minority Leader, you have had about fifty minutes now.
    Mr. Bagbin 12:20 p.m.
    Mr. Speaker, my hon. Colleague is misleading the House. In the Appropriation Act, they programmed not to spend any money on under-recovery. This is because their programme was that there would be no under-recovery. And I am saying that if they incurred under- recovery, they have to come back here for us to approve for them to go and pay. They do not just go anywhere and take the money, whether from contingency or otherwise; it is a major item. It is a major item in the Budget.
    Mr. Speaker 12:20 p.m.
    Are you winding up now?
    Mr. Bagbin 12:20 p.m.
    Yes, please. Mr. Speaker,
    let us go to -- [Interruptions] -- I am not surprised.
    Mr. Speaker, let us go to the issue of growth of the water and electricity sub- sectors. We are told that during the year, the growth was 23 per cent. And we are being told that it is as a result of the mining and industry sub-sectors.
    Mr. Speaker, when you look at the
    mining and industry sub-sectors, the projected growth rates were not achieved. But water and electricity, which we all know, experienced serious hiccups during the course of the year is estimated to be
    growing by 23 per cent. Mr. Speaker, this cannot happen; it is not possible. It is not possible. Even in this House, the whole of last week we experienced serious water shortages. All over the country if we go round, electricity and water sub-sectors -- we had current shortages of electricity. How can that sector grow by 23 per cent? Mr. Speaker, there is a question mark on it.
    Mr. Speaker 12:20 p.m.
    You are now winding up, I suppose?
    Mr. Bagbin 12:20 p.m.
    That is so. I mentioned this morning and I want to refer to it again. One of our brothers by name Nana Mensah clearly stated -- [Interruptions.]
    Dr. A. A. Osei 12:20 p.m.
    Mr. Speaker, I want to concede that the hon. Minority Leader did work for the Ghana Statistical Service. Mr. Speaker, but he is a lawyer, not a statistician. To say emphatically that “it is not possible”, Mr. Speaker, he is acting as if he were God. The fact that he worked for the Ghana Statistical Service does not make him an authority on calculating numbers.
    Mr. Speaker, let us stick to the law which he is allegedly good at; for him to now begin to conjure numbers as if he knows where they come from is not proper. So I want him to be careful on that thing. In the meantime, he has not adduced any evidence whatsoever to tell us why it is not possible. Mr. Speaker, in this world, everything is possible and he should know that.
    Mr. Bagbin 12:20 p.m.
    Mr. Speaker, our brother Nana Mensah reported in the authoritative Business in Africa magazine and I want to quote. First he raised a question:
    Mr. Bagbin 12:20 p.m.


    “Is the Government getting drunk over baskets of free western money?”
    rose
    Mr. Speaker 12:20 p.m.
    Hon. Minister for Water Resources, Works and Housing, he was quoting from a certain source. Do you have a point of order?
    Mr. Owusu-Agyemang 12:20 p.m.
    Mr. Speaker, you did not even give me the chance to talk. [Laughter.] Mr. Speaker, this is not the first time he used “free money”. I just want to know so that I can understand my hon. Friend very well. When he says “free money”, is he talking about grants? If it is grants, then this is not the only government that has used grants in its budgetary calculations. What does he mean by “free money”?
    I think that since independence every Budget has had an element of grant. And if it is bigger, it means good governance; and we are getting bigger moneys, indeed,i nto the system. I do not understand what the distinguished Minority Leader means by” free money”. If it is grant, then he has completely goofed because every Budget has had a grant element. I just want to understand.
    Mr. Speaker 12:20 p.m.
    Hon. Minority Leader, please conclude.
    Mr. Bagbin 12:20 p.m.
    Mr. Speaker, “ free money” is money that is given to one free without paying, without interst. [Interruptions.] It is not jut grant; it goes beyond that. I was just trying to draw your attention to it. All governments have received some free money but we are talking about the magnitude of the free money this time.
    Mr. Speaker, the Millennium Challenge Account is bringing to this country $547 million. I am saying that the -- [Interruptions] -- According to this writer, the banks from Nigeria have also pumped into the economy an amount of about three hundred million dollars. Mr. Speaker, it is the belief of some that it is these moneys that are holding up our economy and stabilizing the economy.
    Mr. Speaker, it is therefore important for us to try to answer the question about the proper utilization of this money. Mr. Speaker, to what use are we putting this money?
    Mr. Speaker 12:20 p.m.
    Are you concluding?
    Mr. Bagbin 12:30 p.m.
    That is the conclusion I am coming to. What use are we putting the money to? Are we investing it in productive areas or we are using it for affluent wastage?

    Mr. Speaker, I am saying this because when you go to the Budget Statement and you look at Appendix 22, page 349, there again, Mr. Speaker, is an insertion under number (4). “Flagstaff House -- Additional” -- amount of $15 million. This House is being called upon to approve this in addition to the $30 million. So we are going to be spending $45 million

    which is ¢427 billion.

    Additional” - amount of $15 million.

    This House is being called upon to approve this in addition to the $30 million. So we are going to be spending $45million which is ¢427 billion.
    Mr. Speaker 12:30 p.m.
    Minority Leader, I have a problem. When you Leaders of the House agree to speak for not more than twenty minutes, what am I supposed to do?
    Mr. Bagbin 12:30 p.m.
    Mr. Speaker, we have discussed with our Colleague, and I agreed to your time. We said that that time was for your guidance and therefore, we were depending on the magnanimity of the Speaker. So I am depending on you, and I am winding up. [Interruptions.]
    Mr. Speaker 12:30 p.m.
    Please, conclude. Minority Leader, you should have told me earlier; I would have stopped you.
    Mr. Bagbin 12:30 p.m.
    Mr. Speaker, I am raising this issue because I know that many a time, our attention is drawn to the Budget. They would say that this item was put there, and you have approved the Budget. That is why I am drawing the attention of the House to it. [Interruption.]
    Mr. Albert Kan-Daapah 12:30 p.m.
    Mr. Speaker, on a point of order. Mr. Speaker,
    I think we need to be very careful here. We should not give the impression to the outside world that grants are not given for specific purposes; these grants are given for specific purposes. And if the hon. Minority Leader on the floor is saying that we are using those money for what he describes as affluent purposes, then it is not true.
    We do not have to give that impression to the outside world because that is not true. We cannot use any grant which is being given for a specific purpose to undertake what he describes as affluent projects. Mr. Speaker, I think that he should withdraw that, because it is a very, very dangerous statement to have come from the Minority Leader.
    Mr. Bagbin 12:30 p.m.
    Mr. Speaker, I am winding up but just to react to my hon. good Friend, the $30 million that we approved was said to be a grant. So if I am referring to grants and I am saying that they are using it for purposes which I believe are not prudent, he cannot fault me on that. That is my belief. [Interruptions.]
    Mr. Speaker 12:30 p.m.
    Minority Leader, I think it is time.
    Mr. Bagbin 12:30 p.m.
    Mr. Speaker, if you go through that Appendix, you would see that under “Parliamentary Affairs”, “for Parliamentary Offices”, we have $25 million. Mr. Speaker, I am wondering whether that money is coming to the Office of Parliament or the Ministry of Parliamentary Affairs, because if it is for parliamentary offices then the proper place should be Office of Parliament. So I am drawing the attention of my hon. Colleagues to amend that item and locate the money properly.
    Mr. Speaker, after all this, we would call on our hon. Colleagues opposite to carry on board the issues we have raised,
    Mr. Speaker 12:30 p.m.
    Order! Order! Minority Leader, please go on.
    Mr. Bagbin 12:30 p.m.
    Mr. Speaker, this House as the fulcrum of democracy ought to be enabled by us, we the Members in this House. We have to enable this House to function effectively and efficiently. Mr. Speaker, I want to draw the attention of my brothers and sisters from Kumasi Kejetia, because I am told that when I referred to Parliament as not being Kejetia, my brothers and sisters in Kumasi Kejetia took an offence to that statement.

    Mr. Speaker, every avenue has a purpose and in that purpose there is a conduct; and that was simply what I was drawing the attention of this House to. I did not want to say that this place is like a market-place. I was trying to let hon. Members reduce the quantum and frequency of noise. Mr. Speaker, once again I thank them for listening to Parliament and at least letting us know their feelings and concerns.

    Mr. Speaker, we want to support the motion subject to the amendments that we
    Mr. Bagbin 12:40 p.m.
    Majority Leader/Minister for
    Parliamentary Affairs (Mr. F. K. Owusu- Adjapong): Mr. Speaker, this morning, when we met at the usual briefing, the understanding was that my Colleague, the Minority Leader, the Minister for Finance and Economic Planning and I were going to speak for a total of sixty minutes, twenty minutes to each of us. Judging by the work, we have already passed one hour and twenty minutes. Therefore, it means that our time management has got to be worked out in such a way that we do not lose further. For this reason, I just want to make a few comments and I would allow the Minister for Finance and Economic Planning to continue from there.

    It is good and refreshing that every hon. Member who contributed to this debate accepted that we are making progress in this country and that the Budget is good, except that he or she may want one or two things to be changed here and there. Mr. Speaker that makes it a good Budget. After all, the Government is making a proposal to the country that we should move forward. Therefore if say, the water in your area has not been catered for and you do not make a comment on it, then you are not worth an hon. Member of Parliament.

    Therefore, for people to make some exceptions and make suggestions that there should be change is normal. That is why I am happy that we are all going to support this Budget and make appropriate improvements so that we make progress.

    Mr. Speaker, I just looked at a page of this Budget, and with your permission let me refer you to page 320 -- “Selected economic indicators”. Reading them,

    whatever faults people may see, there is indication that we have grown. Real GDP growth rates are shown as: 2001, 4.2;

    2002, 4.5; 2003, 5.2; 2004 5.8; 2005, 5.8;

    for 2006 there is a provisional figure of 6. Then we went onto 6.2; and now we are targeting 6.5.

    Mr. Speaker, I want to believe that if any of the statistics is wrong at all, it is not the figures given by the revenue agencies as to the money they generated for the economy; and it runs from the 2001 figure of 18.1 to a figure of 22.1 per cent of GDP as we speak now. It means that we are making progress. I admit that the speed is not good enough for those of us who have lived a bit long and seen how life was when we were at the university; when we were having five to six meals a day. Definitely, if you compare it from that angle then you will realize there is still room for improvement.

    But Mr. Speaker, we as Parliament today, for instance, created history when we said we were using our own rules to allow the Governor of Bank of Ghana to come and address us. We agreed that we would suspend Public Business, convert ourselves to Committee of the Whole, and allow live broadcast of whatever he was going to present to the country. It means that we can do a lot as Parliament.

    Our problem is that every year, we look at our needs and requirements and then we realize that we have not got that money. This year I am told that the total request, which were all genuine requests favourable requests received by the Ministry of Finance and Economic Planning was over ¢100 trillion. Currently, we are being told that we are now talking about ¢54 trillion. So from day one, we have a shortfall. Of the ¢54 trillion, we as a state, as a country, are only going to have less than ¢40 trillion out of our own

    resources -- I believe ¢37 trillion.

    So you see the gap that we have in our economy; genuine means not wants, is over ¢100 trillion. The total we are accommodating in the Budget is ¢54 trillion; what we are going to provide as a country is ¢37 trillion. This is what I believe we as hon. Members of Parliament have got to team up with the Executive to find out how quickly we can bridge this gap; firstm, find a way whereby we can at least accommodate the whole of the ¢54 on our own. It calls for higher productivity on all sides, better time management at all levels.

    When my Colleague, the Minority Leader, was talking about misapplication of grants and things, I was wondering what was happening, because virtually every grant that had come to this House for consideration was for a purpose. Therefore the grantor knows very well the purpose of that grant or loan. On the HIPC fund, we all agreed with our development partners as to what we could use it for. Therefore, when my Colleague the Minister for the Interior was suggesting that we should not create any impression that we collect money for one purpose and use it for another purpose, he was right. We should be careful. Because, if you talk about the Indian loan or grant, the purpose was indicated by the Indian Government.

    So I believe that we are making progress. Let us be confident in ourselves; let us empower our committees in Parliament to do more of the oversight responsibilities as we move along, so that not long from now we shall reach the promised land. In no time, we shall go back to the promised land where we shall all be enjoying and we will no more be talking about needs, but we will be talking about wants. Thank, you Mr. Speaker.
    Minister for Finance and Economic Planning (Mr. K. Baah-Wiredu) 12:40 p.m.
    Mr.
    Mr. Yieleh Chireh 12:40 p.m.
    Mr. Speaker, I rise on a point of order. This is a winding-up argument, but to say that the salary from three point something to 17 million is sufficient, the Minister is misleading this country. It is not good because the cost of living and the things that that teacher has to use the money to buy are nothing at all compared to what he is talking about. Even if the teacher gets that money, the amount of money he needs to even educate the child is such that he cannot buy cement; so why is he misleading us?
    12. 50 p. m.
    Mr. Baah-Wiredu 12:40 p.m.
    Mr. Speaker, the population of this House is supposed to be 230. If we have only 50 people here we would say that we have 22 per cent present. Mr. Speaker, we are using data that you can verify. You can go to the Ministry of Education and you would get those figures. If the price of cement in the year 2000 was not ¢30,600 he can disprove it. If the price of cement today
    is not ¢70,000.00 he can also disprove that. I have given the facts and he can actually verify them. I am just saying that the salary thing has not been stagnant. Mr. Speaker, the minimum wage as at October, 2000 was just ¢2,900.00. Now it is -- [Interruption.] Mr. Speaker, the fact that we are giving -- Interruption.]
    Mr. Moses Asaga 12:40 p.m.
    Mr. Speaker, I think the hon. Minister for Finance and Economic Planning is deceiving Ghanaians in his choice of commodities. In the year 2000, the ¢3,000,000.00 could buy a Tico car. Today, ¢17,000,000.00 cannot buy a Tico car -- [Interruption] -- Mr. Speaker, on the same note, ¢3,000,000.00 could buy five hundred gallons of fuel in 2000. With the same ¢17,000,000.00, you cannot buy five hundred gallons of fuel; it can now buy four hundred gallons.
    In the same year, the University of Ghana Law School's fee was about ¢2,000,00.00. Today, Law School fee is almost ¢20,000,000.00. So you do not select certain commodities from the basket and use them. You have to look at the weighted average of the expenditure of a teacher and see where the expenses are going to mostly; and most teachers' expenditure is in food and transportation. So Mr. Speaker, his method of analysis is flawed, very flawed; and the Statistical Department must come to his aid.
    Mr. Baah-Wiredu 12:40 p.m.
    Mr. Speaker, I think the facts are coming out. At the beginning of 2000, if you were holding ¢3,500.00 you could get one dollar; but at the end of it, it was ¢7,000.00. They depreciated the cedi; you destroyed everything. So Mr. Speaker, it affected even the prices; everything that he is saying is not true.
    Mr. Speaker, the cost of treasury bill
    to the Government at that time was about 45.6 per cent. For every one hundred cedis, we had to pay 45.68 per cent on the 91-day Treasury Bill, referring to page 6 of the Daily Graphic of Monday, July 31, 2000. Mr. Speaker, I am saying that the 91-day Treasury Bill was costing the nation 45.68 per cent or 45.68 cedis per every hundred.
    Mr. Speaker, as at now, I have got the Daily Graphic of July 31, 2006, and it is advertised by the Bank of Ghana, page 42 that the 91-day Treasury Bill is now 10. 32 per cent -- [Hear! Hear!] It shows how the cost to the nation has come down. Because, if you take the statutory spending, at least that end, it shows that it has come down.The interest on domestic debt has also come down. So Mr. Speaker, there has been a considerable improvement in the economy which you cannot disprove. At least, it affects all of us.
    Mr. Bagbin 12:40 p.m.
    Mr. Speaker, the hon. Minister is misleading this House and the whole nation. He is trying to use those figures to talk about the quality of life of the teacher in 2000 as against 2006 and 2007. But Mr. Speaker, he is aware that the UNDP Human Development Index which uses all these indicators and calculates the quality of life from country to country, has shown clearly that there is a downward trend in the quality of life in Ghana -- [Interruption.] He is aware; it is there; it is not misleading. It is an authentic record for the whole world.
    Mr. Baah-Wiredu 12:40 p.m.
    Mr. Speaker, the paper I produced is here -- from Ghana Education Service. I am saying that the salary has not been stagnant; it has improved because you are a beneficiary.
    Mr. Speaker, I just want to say that on the re 12:40 p.m.
    None

    “Mr. Speaker, the Bank of Ghana would continue to implement a monetary policy aimed at lowering inflation into single digits in 2007. To this end, the Bank of Ghana would apply its policy instruments to keep the broad money (M2+) growth in line with projected nominal GDP Growth ….”

    So Mr. Speaker, the combined effect

    of Act 612, article 183 and then page 61, paragraph 232 of the Budget Statement shows that, at least, the Bank of Ghana is playing its role and the Government is also playing its role.

    Mr. Speaker, as I said, there would be enough time to debate. We are really prepared for debate until the end of the year. We have reviewed all their budgets, so they should review ours. That is the only way this nation can make progress. We have reviewed all their budgets from 1982 to 2000; they have also reviewed ours from 2001 to 2006; so the debate would then go on with the facts as they are.

    Question put and motion agreed to:

    That this honourable House approves the Financial Policy of the Government for the fiscal year ending 31st December, 2007.
    Mr. Felix Owusu-Adjapong 12:40 p.m.
    Mr.
    Speaker, as indicated on Friday when the Business Committee presented the Business Statement for this week, we should have been at meetings of respective committees to look at the Annual Budget Estimates for the various Ministries, Departments and Agencies (MDAs). We are about an hour late and I hope hon. Members would take steps to ensure that we speed things up so that the first report can be laid as advertised.
    Mr. Speaker, tomorrow, we shall come to this House for about an hour or thereabouts to do those businesses advertised and thereafter, we shall continue with the committees. I am pleading with hon. Members that in order that we have legislative instruments (L.I.s) maturing at the targeted dates, we should all make it a policy to be here before we go to our respective committees. At 10.00 a.m. we must be here, and I hope that by 11. 00 a.m. and latest by 11.30 a.m., we would have closed for the day in the Chamber, and go to our various committees.
    With these few remarks I beg to move that this House do adjourn till tomorrow, at 10.00 o'clock in the morning.
    Mr. Bagbin 12:40 p.m.
    Mr. Speaker, I beg to second the motion.
    Question put and motion agreed to.
    ADJOURNMENT 12:40 p.m.