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Tag: Ato Forson

  • Minority raises concerns over Ofori-Atta’s absence during 2023 budget debate

    The minority in parliament has raised concerns over seeming failure of the Finance Minister, Ken Ofori-Atta to make an appearance for the 2023 budget debate.

    At the time the Speaker gave the guidelines for the commencement of the debate, the Deputy Minority Whip, Ibrahim Ahmed said there was a need for him to be present in the chamber as he needs to take note of their input.

    “Mr Speaker, conspicuously missing on the floor is the mover of the motion and it Is not for nothing that the constitution says the finance minister can lay the budget on the floor on behalf of the president. So, you can’t just move the motion and remain there. It is appropriate that the minister must be here, Mr Speaker if he is not ready to do the job, he should let the house know. He must be here to hear our input.”

    Ranking Member of the Finance Committee, Ato Forson said this is becoming quite characteristic of the finance minister. He therefore urged that the house should not debate on the budget until their input is considered by the finance minister.

    Speaking on the matter, the majority leader said the constitution does not provide any where that the economic policy and the budget statement should be submitted to this house by the Minister of Finance.

    Osei Kyei-Mensah-Bonsu also said that the president can choose any minister to lay the budget before the house and the minister is not obligated to speak to it.

    He however stated that the finance minister had given prior notice that he would be absent from the country but indicated the availability of the two-deputy ministers to take note of suggestions.

  • Akufo-Addo was dishonest when he said there will be no haircut – Ato Forson

    A representative for the parliamentary minority referred to the president’s claim that there wouldn’t be a haircut on financial instruments as dishonest.

    “I also want to ensure all Ghanaians that no individual or institutional investor, including pension funds, in government treasury bills or instruments would lose their money as a result of our continuing IMF negotiations,” the president declared in a speech on October 30, 2022.

    There won’t be any “haircuts,” so I implore you to disregard the untrue rumors, just as the Government made sure the 4.6 million depositors impacted by the exercise didn’t lose their money during the banking sector clean-up.

    However, during the presentation of the 2023 budget, the Finance Minister announced that due to Ghana’s unsustainable debt levels, there will be a debt exchange programme.

    Ato Forson stated that the government is about to impose a haircut on both domestic and external debtholders.

    “I heard the deputy minister say that the only debt instrument that will not be affected by a debt restructuring is Treasury bills. This simply means that if you are a domestic debt holder, bonds are going to be affected by the restructuring. As long as it is domestic, it is going to be affected.

    “The Eurobonds are going to be affected; term loans are going to be affected. Loans are going to go through a haircut. So clearly, the president was not honest to the people of Ghana when he announced that there will be no haircut,” he told journalists on November 25, 2022.

    He also added that Ghanaians must brace up for extreme hardships due to the conditionalities listed in the 2023 budget.

    “This budget is going to introduce extreme austerity in the year 2023. I can only urge the people of Ghana to brace up for economic hardship worse than what we went through in 1979 and 1983.

    “To the youth of this country, there is going to be a net freeze of employment, there is no hope for you. To the ordinary trader, taxes are going to go up, and to the people of Ghana, be ready that prices of goods and services will go up because of the increase in VAT,” he said.

    Government bans the use of V8, V6 vehicles except for cross-country travel

  • Censure motion hearing: If I were Finance Minister, I won’t borrow money to collapse banks – Ato Forson

    Ranking Member on Finance, Cassiel Ato Forson, has criticised the manner in which the banking sector clean-up exercise was conducted and its subsequent ramifications on the economy.

    The 2019 exercise saw the Bank of Ghana revoke the licenses of some 347 Microfinance Companies and 23 Savings and Loans and Finance House Companies.

    Censure motion hearing: If I were Finance Minister, I won’t borrow money to collapse banks - Ato Forson

    Finance Minister, Ken Ofori-Atta, said the move was necessary because of mismanagement at these financial institutions which led to depositors’ funds being locked up with no hope of such funds ever being accessed.

    The development is said to have cost the state about ¢21 billion of taxpayers’ funds.

    This concern was, once again, brought to the fore during proceedings of the Committee hearing the censure motion against the Finance Minister.

    Addressing the Parliamentary Committee, Cassiel Ato Forson indicated that best practices were not applied by government which led to what the Minority believes is fiscal recklessness.

    The situation he said later led to unplanned debt which was subsequently borne by the taxpayer.

    Censure motion hearing: If I were Finance Minister, I won’t borrow money to collapse banks - Ato Forson

    “Ghana decided to go on a route where the burden of the banking sector clean up was transferred to the taxpayer. I think that was wrong. I think that Ghana could have decided to go for other ways in dealing with the banking sector issues,” he said in response to a question posed by North Tongu MP, Samuel Okudzeto Ablakwa.

    MP for Akatsi South, Bernard Ahiafor asked for more clarity on his point.

    Dr Forson retorted on Tuesday that; “If I’m the Minister of Finance, there is no way I was going to borrow money to collapse a bank.”

    Defending his side’s position at the hearing, Dr Ato Forson said the process was not well managed by government.

    The Finance Minister’s fate currently lies in the hands of an 8-member committee investigating allegations leveled by the Minority as adequate grounds for his removal.

    The Speaker of Parliament, Alban Bagbin on Thursday, November 10, constituted the Committee, which has seven days to submit its report.

    It comprises Samuel Okudzeto Ablakwa, Zanetor Agyeman-Rawlings, Bernard Ahiafor on the Minority side and Patrick Yaw Boamah, Kwame Anyimadu-Antwi and Andrew Agyapa Mercer from the Majority side.

    Source: Complex.com

  • ‘Akufo-Addo goofed’ – Ato Forson insists there will be ‘haircuts’ on investments

    Dr Cassiel Ato Forson, MP, Ajumako-Enyan-Esiam, has insisted that Ghana’s debt restructuring will include the country experiencing some “haircuts” in order to curb the current economic crisis.

    His view is contrary to that of the President Nana Addo Dankwa Akufo-Addo, who has stated categorically in his address to the nation on Sunday, October 30, that there will be no loss of funds of persons and institutions that have invested in various public schemes.

    The president noted that steps would be taken to protect the investment of citizens as the government pushes for a deal with the International Monetary Fund (IMF).

    “I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations. There will be no ‘haircuts’ so I urge all of you to ignore the false rumours, just as, in the banking sector cleanup, government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” President Akufo-Addo said.

    But speaking on Accra-based Joy FM, the Ranking Member on Parliament’s Finance Committee, indicated that there would definitely be a ‘haircut’ as Ghana awaits a bailout from the IMF.

    “I don’t know the basis the President made that statement and if you run the maths, it doesn’t add up and I will be surprised that Ghana will get an IMF programme without a haircut.

    “I can say on authority that there would be some form of a haircut. Clearly, someone is not briefing the President properly or probably the writing did not come out well. ‘The President goofed’, he shouldn’t have said it in a categorical manner because what it has done is that, it has sent additional uncertainties to the market clearly indicating that someone is not on top of his job.

    “I do not know how our debt will be sustainable by the year 2028 brings to over 100 per cent…clearly indicating that we are to [remove] 50 per cent of debt without a debt restructuring, it is impossible,” Dr. Ato Forson explained.

     

    Source: Ghanaweb

  • Theres no evidence Ato Forson authorised payment of ambulances Agyeman Manu

    The Minister for Health Kweku Agyeman Manu has told the High Court in Accra that he has not seen any documents that Dr Cassiel Ato Forson authorised payments of purchase of ambulances.

    The Minister who was facing cross-examination from defence lawyers made this known on his final day of scrutiny by defence lawyers.

    Dr Abdul Basit Aziz Bamba, counsel for Ato Forson, had asked if the minister had sighted any documents at his ministry which indicated that the first accused authorised the payments of the contract sum of the ambulances.

    The Minister who is the 3rd Prosecution Witness in the ongoing trial answered in the negative.

    It was the case of counsel for Ato Forson, that, after the LCs (Letter of Credit) was established on August 18, 2014, he had not sighted any documents that indicated that A1 (Dr Ato Forson) authorised payments to be made under the LC.

    Mr. Agyeman Manu, who is the 3rd witness agreed with him, saying “I have not sighted any documents to show that A1 authorised payments for Ambulances.”

    In the last day of his scrutiny, the Minister also admitted that government failed to send its officials to inspect ambulances it was procuring before they were shipped to Ghana, contrary to the clear terms of the contract.

    Under further cross examination from lawyers for Dr Forson led by Dr Abdul Aziz Bamba on September 1, the defence confronted him with some exhibits, some of which he indicated he had not see before.

    Government failure on obligation

    Kweku Agyeman also admitted that government did not perform one of its obligations under the contract.

    “In my mind, I will say no. But my lady let me draw your attention to another fact. In that same bullet point, LCs on the sight of goods shall be established upon the signing of the contract for every 50 ambulances.

    “My lady, Exhibit V that I have, speaks about purchasing brand new 200 medical ambulances. And so my lady, the contract for every 50 ambulances that clause 4.2 talks about, was never done. And therefore, the LCs should not have been established at all,” he told the court.

    Asked again by Counsel Dr Bamba if he “will you agree with me that by the government of Ghana not complying with clause 4.2.1 in terms of the time frame for setting up the LC, the government of Ghana breached Exhibit V.“

    The Health Minister said, “That is correct.”

    Counsel again put to him that, to the best of his knowledge, did the government of Ghana conduct a pre-shipment inspection before the ambulances were shipped to Ghana, the Health Minister answered in the negative.

    He subsequently admitted that the Health Ministry reached an agreement with the supplier on a plan for rectifying the defects in the ambulances.

    He added that, some medical equipment for the vehicles shipped have never cleared from the ports.

    Asked by Dr Bamba why the equipment was not cleared, the Minister said, the Ministry did not have the funds to do so and that, he had urged the supplier to clear the items which counsel stated that, it was the obligation of the Ministry of Health to clear the items.

    Source: Starfmonline

     

     

  • Parliament does not take instruction from our foreign partners – Ato Forson to IMF

    Ranking Member of the Finance Committee, Cassiel Ato Forson, has responded to the IMF statement advising parliament to approve a $ 1 billion loan to prevent the economy from grinding to a halt.

    According to him, parliament does not take instruction from foreign partners but rather considers advice that can either be accepted or rejected depending on the circumstance.
    “Parliament does not take instruction from our foreign partners, we take advice, so advice can either be accepted or be rejected depending on the circumstance of the day. Yes, we have the document and we have to do justice with the document,” he said

    Speaking in an interview after a committee considered the loan agreement which has been rejected, Ato Forson stated that it was due to the fact that some concerns including defects in the document raised by the minority with regards to the loan have not been addressed.

    “…we met as a committee for us to consider and approve two tranches of loans. We have considered them in good fate but we have lingering concerns. First of all, we believe that the document before us has some fundamental defects because what is in the memorandum to parliament and what is in the loan agreement have some difference in the sense that in one breath, we were called upon to approve a loan of 750 million dollars but what is in the agreement has two trenches, tranche A and tranche b, one is in dollars and one in euros. So that will mean that parliament would have to amend what was brought to us.

    “A major concern to us is, what is in the budget is significantly different from what they are asking us to do. The budget is saying that in the course of the year they will be taking a term loan of 750million dollars, so why do you ask us to approve 1 billion when your own budget says 750million?

    “Parliament does not take instruction from our foreign partners, we take advise, so advise can either be accepted or be rejected depending on the circumstance of the day. Yes, we have the document and we have to do justice with the document. A major concern to us is, what is in the budget is significantly different from what they are asking us to do. The budget is saying that in the course of the year they will be taking a term loan of 750million dollars, so why do you ask us to approve 1 billion when your own budget says 750million?” he said.

    Source: Ghanaweb

  • Minority shoots down one-billion-dollar loan despite IMF plea

    The Minority has shot down the approval of a 1 billion dollar syndicated loan at the committee meeting despite IMF advice that it should be approved to prevent the economy from grinding to a halt.

    According to the Ranking Member of the Finance Committee, Ato Forson, their decision was due to the fact that some concerns including defects in the document raised by the minority with regards to the loan have not been addressed.

    He insists that until the right things are done, the minority side will not approve the one billion dollar syndicated loan despite the IMF plea.

    Speaking in an interview, he said, “…we met as a committee for us to consider and approve two tranches of loans. We have considered them in good fate but we have lingering concerns. First of all, we believe that the document before us has some fundamental defects because what is in the memorandum to parliament and what is in the loan agreement have some difference in the sense that in one breath, we were called upon to approve a loan of 750 million dollars but what is in the agreement has two trenches, tranche A and tranche b, one is in dollars and one in euros. So that will mean that parliament would have to amend what was brought to us.”

    When asked why they ignored the advice of the IMF, he said they only take advice from foreign partners and not instructions.

    “Parliament does not take instructions from our foreign partners, we take advice from them, advice can either be accepted or rejected it depends on the circumstances on the day,” Ato Forson added.

    Source:Ghanaweb

  • Ato Forson retains Ajumako Enyan Essiam seat for a fourth term

    The incumbent Member of Parliament for Ajumako Enyan Essiam Constituency in the Central Region who also doubles as the Minority Ranking Member on Finance Hon. Cassiel Ato Forson has won the seat with a huge margin.

    He polled 39,229 to beat his closest contender Dr. Rashid Kwesi Etuaful who secured 28,669 votes.

    Before the 2020 poll, Hon. Ato Forson said 2020 parliamentary will be the easiest election he will ever contest since he became a Politician, adding that his opponent Dr. Rashid Kwesi Etuaful was very light hence he will win massively.

    “I have twenty years to spend on the Ajumako Enyan Essiam Constituency seat as a Member of Parliament before going on retirement, so I am not going to stop contesting the seat.

    According to Ato Forson, the NDC party has seized the Ajumako Enyan Essiam Constituency seat for 60 years so NPP should not attempt to wrestle it as they are bound to fail.

    “The people of Ajumako Enyan Essiam Constituency retained me due to my hard work in terms of developmental projects I have brought in my Constituency and I am promising my Constituents to watch out for more developmental projects coming year.”

    Source: Kasapa FM

  • Ato Forson yet to file question on GHS280.3M COVID-19 expenses Parliament

    Parliament has clarified that the Ranking Member of the Finance Committee of Parliament, Cassiel Ato Forson, is yet to file a question on the expenditure returns of GHS280.3 million allocated for the coronavirus fight.

    Mr. Forson had reportedly claimed on Accra-based Joy FM that he filed the question during the partial-lockdown period.

    These concerns from Mr. Forson had been highlighted earlier on Monday when he called on the Auditor-General to undertake a special audit into the GHS280.3 million that was allocated by the government for the provision of food, water and sanitation under the Coronavirus Alleviation Programme (CAP).

    Parliament, however, says, from its records, there is no specific question on the GHS280.3 million on its file.

    The statement further noted that Mr. Forson admitted he was yet to file the question.

    “Upon further consultation with the Honourable Member [Cassiel Ato Forson], he indicated that he intends to file a question today [Tuesday] on the matter raised in the media.”

    “Once it is filed, it will be processed in accordance with the rules of the House,” the statement added.

    New constituency allegations

    Parliament also noted that Majority Leader, Osei Kyei-Mensah-Bonsu, was alleged to have alluded to the creation of new constituencies in a presentation on May 20.

    It refuted such claims saying “no such presentation has been made by the Majority Leader.”

    “In fact, the Majority Leader in the said presentation stated categorically that the Committee of Subsidiary Legislation should endeavour to submit its report on the Public Elections 2020 for the consideration of the House on or before the coming into force of the instrument.”

    Source: citinewsroomÂ