The financial engineering, clever accounting, and massaging of financial data by this Govt through Hon Ken Ofori Atta is mind-boggling. If a Govt finances its deficit from the following sources in 2020:
Project loans of Ghc4.9 billion.
Program loans of Ghc8.2 billion
Eurobond ($2 billion) of Ghc11.6 billion
Total of Ghc24.7 billion from external sources and also finances the same deficit with domestic borrowing of Ghc32 billion.
The total foreign and domestic borrowing to finance the deficit should be Ghc56.7 billion. The deficit in 2020 should now be 15.6%.
But the Piccadilly armed robbers magically shaved off and suppressed expenditures of Ghc12.6 billion to generate a deficit of Ghc44 billion at 11.8% of GDP.
Ironically, if you add their projected revenue and grants of Ghc53 billion to the true deficit of Ghc56.6 billion, you get a total projected expenditure of Ghc109 billion for 2020 but Ken Ofori Atta magically gets Ghc97 billion.
But when you look at paragraph 444 under request for supplementary estimates, the Minister makes a huge disclosure when he says ‘this will bring the revised 2020 total appropriations for 2020 to Ghc109 billion”, thus confirming the deficit figure of Ghc56 billion and not Ghc44 billion.
This is a case of massaging figures whilst forgetting to cover your anus.
Ghana’s finances are in the hands of fraudsters and experts in financial engineering and clever accounting.
When they come wearing white apparel and quoting verses of the Bible profusely, be careful and treat them for who they are: Piccadilly armed robbers.