Finance Minister, Ken Ofori-Atta has said the successful sale of a $3billion Eurobond during the recent roadshow will reflect in people’s pockets because the government will be able to continue its flagship initiatives.
Speaking on Newsfile, Saturday he said the implementation of these initiatives will subsequently create a society where there is social inclusiveness.
“This is not a government that is not aware of what the needs of the people are. And to be able to secure the future for transformation, we need human capital. Its so important and that’s what the intervention is for,” he said.
Vice President Mahamudu Bawumia since alleging that government has indirectly put some GH¢5.4 billion into the pockets of Ghanaians through various interventions, has received massive backlash with many still complaining of economic hardship.
But backing the earlier assertion by the Vice President, Mr. Ofori-Atta explained that with the interjection of the ‘Free Senior High School’ and ‘Planting For Food and Jobs’ programmes, making the economy inclusive can be maintained and the people’s pockets can be managed properly.
“So when I sit there looking at choices that one has to make and somebody says, ‘well you don’t have the money to do free SHS’, I say I don’t have a choice. The President wants that and every Ghanaian citizen deserves it to be able to be given a platform from which he or she can move.
$3billion [Eurobond] to the market woman means that if your child is in school, the Free SHS programme will continue because we can continue to fund it. If you are worried about foreign currency, this helps with regards to stability,” he added.
He further reassured that, the Akufo-Addo led government will not overspend this election year despite Ghana’s reputation for notoriously doing so in previous years. This according to him, is because structures such as the Fiscal Responsibility Act (FRA) 2018 are being put to the test with his job on the line.
“We voluntarily did the FRA, so the 5% [limit on spending] I have to keep at it or I lose my job and I’m sanctioned and that’s motivation enough.
In 2017, we didn’t go to market, in 2018 we went in July, 2019 we went in March/April and now we’ve come to February which means that we are really consolidating our foreign exchange reserves so that there’s stability in there,” the Minister said.