“It is for this reason that we have re-aligned the national budget to ensure that every constituency gets the cedi equivalent of US$1 million a year for priority projects”.
Mr Speaker, between 2017 and 2018, if we are to find an average, they say the exchange rate is GH¢4.5. Each constituency is supposed to have received an amount of GH¢ 9 million, and the President is calling on us to testify that something has been done in our various constituencies, but there is nothing there to show.
So, if the President presents this to this House and calls on us to testify, then I am here to present to us that the amount of GH¢9 million per constituency has not been received. So, where is the money?
Who is misleading the President for him to tell us that he has spent an amount of GH¢ 9 million per constituency in this country? We should put aside that of the 2019 allocation. So, this statement can never be true, and it is factually incorrect.
Mr Speaker, meanwhile, looking at page 4 of the 2017 Message on the State of the
Nation which was the first one that the President presented to this House. With your indulgence, I quote, and it says:
“Mr Speaker, the increasing fiscal deficit were financed by increased borrowing. As at the beginning of 2009, Ghana's total debt stock was GH¢ 9.5 billion. By the end of 2016, the debt had ballooned to GH¢ 122 billion.”
Mr Speaker, this is the President speaking. The President complains about an amount of GH¢122 billion. By the end of September 2018, our debt stock stood at an amount of GH¢159 billion. So, a President who complained about an amount of GH¢122 billion, had himself borrowed more than GH¢50 billion within two years, and there is nothing physical to show what the President used the money for.
Mr Speaker, the Atuabo Gas Project is a beneficiary of the amount of GH¢122 billion Facility that the National Democratic Congress (NDC) constructed. As I speak, the Volta River Authority (VRA) is owing Atuabo Gas an amount of US$135 million. So, who borrowed for an investment? This is what the prudent administration did.
We did not borrow for “chop-chop” and we did not borrow to do hand to mouth. We borrowed and invested the money, and these are the projects that can pay for themselves. Somebody should tell me whether there is a fiscal project that can pay for itself within these two years.
So, what can this Government show for the amount of GH¢ 50 billion that was borrowed? Can they show the good people of this country that they borrowed an amount of GH¢50 billion and these are the manifestations of it? Yet, they tell us that all is well.
Mr Speaker, how can all be well when people cannot make ends meet? When banks are collapsing, and when people cannot find jobs? We should look at the exchange rates, as we speak, yet they say all is well.
Mr Speaker, on the same paragraph in the 2017 State of the Nation Address, the President complained about the GH¢ 14 billion interest rate that was supposed to be paid by the end of 2017. The projected interest rate for 2019 is GH¢18 billion.
The person who complained of the GH¢14 billion interest rate is now going to pay an amount of GH¢18 billion, meaning there has been an additional amount of GH¢ 4 billion. My good friend, the Hon Fuseini, talked about borrowing, and he said that there was no problem with borrowing but with what we use the money for.
Mr Speaker, we are going to spend an amount of about GH¢18 billion, and there is no fiscal space for Government to operate. If we go to the District Assemblies, it is really alarming. The Common Fund District Assemblies (DACF) has been capped, and there is no money for rural development.
The One-District-One-Factory was mentioned, but can the President tell us whether there has been a single factory sited at any constituency in this country? They should mention just one factory built by this Administration.
Now, they have turned the narrative that it is rather a Public Private Partnership (PPP) arrangement with Government, but this is not what the President promised the people of this country. So, the President is not walking the talk, and he is not giving out what he promised the good people of this country.
Mr Speaker, again, the President complains about revenue mobilisation. I would refer the House to page 6 of the Message on the State of the Nation. It says, and with your indulgence, I read:
“Mr Speaker, revenue mobilisation poses the biggest challenge in the management of our economy…” --