The Member of Parliament for Hemang Decrease Denkyira, Lawrence Agyinsam, has expressed concern over the failure of the 2025 finances to deal with geopolitical points and world provide chain challenges.
The MP was significantly troubled by the finances’s silence on the continuing geopolitical tensions and protracted world provide chain points that proceed to impression the world economic system, of which Ghana is a component.
“Mr Speaker, I’m saddened by the truth that I’ve heard economists and others speaking concerning the 5.7% GDP development we’re projecting, and the truth that the world economic system grew by 3.2%. Have they requested themselves what the underlying components are? The underlying components are two-pronged. It’s the Russia-Ukraine conflict — which they don’t need to discuss — and it’s also COVID-19. That’s the reason Europe grew by simply 1.7%, and China grew by just one.6%,” he emphasised.
“Mr Speaker, there’s something else that worries me. Within the days of former President Rawlings, he persistently spoke concerning the unjust world financial order and exterior shocks. On this finances, what exterior shocks are being addressed?” the NPP MP queried.
“This finances doesn’t take into accounts the geopolitics of the world. The world has grow to be a geopolitical battlefield. Globalisation is now being reversed — there isn’t a globalisation taking place anymore as a result of the world depended so closely on China. Now, within the post-COVID period, each nation is specializing in self-sufficiency. The brand new buzzwords are near-shoring, offshoring, and onshoring,” he additional acknowledged.
Mr Agyinsam additionally questioned why the finances failed to say the African Continental Free Commerce Space (AfCFTA), which he described as a vital automobile for member nations to leapfrog in commerce and socio-economic growth.
“Close to-shoring means Europe is now trying to relocate its manufacturing firms round nations like Poland and Eire. But, this finances didn’t even point out AfCFTA. AfCFTA is the one largest market after the World Commerce Group. This finances neither contemplated nor talked about something about AfCFTA — at the same time as we search to extend intra-African commerce from about 13% to 18%, which might assist us commerce amongst ourselves,” he defined, utilizing Europe’s manufacturing technique for example.
The MP for Hemang Decrease Denkyira additionally touched on Ghana’s over-dependence on imported items — a scenario he mentioned continues to adversely have an effect on the Ghanaian foreign money, the Cedi.
“This finances talks about an export-driven agenda, but whenever you learn it, now we have not even uncapped the Exim Levy to unencumber house for the Exim Financial institution to undertake the agribusiness actions. It could unencumber the house to allow the export promotion they’ve written in their very own finances assertion,” he confused.
The MP made these remarks on the ground of Parliament on nineteenth March 2025 throughout the debate on the 2025 finances, which was offered by Dr Cassiel Ato Forson on behalf of President John Dramani Mahama.
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