The Akan phrase, teased from the popular ‘sika mpɛ dede’ that was used by President Nana Addo Dankwa Akufo-Addo during his last address to the nation, literally means that ‘debt does not like noise.’
Getting up to second the motion on the floor of parliament for the adjournment of sitting after the Minister of Finance, Ken Ofori-Atta, presented the budget, the Minority Leader called out the minister for excessive borrowing.
He explained that, with the details of the budget as presented by the minister, and with his own admission that the country is highly-indebted, then the phrase Ɛka mpɛ dede best describes the budget.
“We have heard the honourable Minister of Finance, before this august House, declare Ghana a high-risk, distress debt country. So, Mr. Speaker, this budget is Ɛka mpɛ dede budget and therefore, he’s put the country on the path to debt restructuring, which he has announced as debt exchange program.
“So, Mr. Speaker, this budget is Ɛka mpɛ dede budget because he has announced debt restructuring in the name of a debt exchange program,” he said.
Haruna Iddrisu also appealed to the minister to ensure that he regularizes the government's borrowing spree.
“Mr. Speaker, my greatest expectation of the minister is to regularize the borrowing under the amended Bank of Ghana act of 2016.
“You have to come back to this House to seek our mandate and authorization for your excessive borrowing from the Bank of Ghana, that needs to be regularized,” he said.
The Minister of Finance, Ken Ofori-Atta, presented the ‘Nkabom’ budget to parliament as part of his constitutional mandate on Thursday, November 24, 2022.
Read the full budget statement below:
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