Parliament Approves 2023 Budget And Economic Policy | Parliament

Mr Kyei-Mensah-Bonsu said per the 2001 budget statement, the debt to GDP was 140 per cent, with the debt stock in the same period being GH₵9.2 billion.

He said at the time the NDC government was leaving office the debt stock increased to GH120 billion, with percentage increase being 1,299 per cent.

“Mr Speaker, yes the current debt stock is GH₵450 billion but the increase is 268 per cent as against the NDC's 1,229 per cent and you have the courage to talk to the managers of the economy,” he said.

Taking on the Minority Leader accusing the government of increasing the VAT by 2.5 per cent, Mr Kyei-Mensah-Bonsu said although the economy was not in the best of shape, the government needed to continue with the construction and maintenance of roads.

On exchange rate, he said in 2009, $1 traded for GH₵1.10 but escalated to $1 to GH₵4.35 in 2016, an increase of 300 per cent.

“Today, yes, the exchange rate has gone bad but increase from GH₵4.35 to GH₵13.50 that we are experiencing now is 220 per cent

“Mr Speaker, in spite of the unprecedented shocks both internal and external, head-to-head, the NPP has proved to be managers of this economy and the evidence is clear,” he said.