The Ghanaian economy is regaining its confidence after the Nana Addo-led government took office and put in place strategic measures to revamp the system.
This is according to the Finance Minister, Ken Ofori-Atta. He was speaking in Parliament when he presented the 2017 mid-year budget review to the house.
He explained that macro-indicators for the first half of the year are pointing in the right direction.
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“Progressively, confidence is being restored in the economy and we are hopeful that it will be sustained. The macro-indicators for the first half of the year are pointing in the right direction. We replaced the 17.5% standard rate to a 3% flat rate. We reduced the special petroleum tax from 17.5 to 15% and abolished duties on spare parts.”
“The deficit on commitment basis is now on 10.9%, up from the previous 10.3%. In recent years, the country accumulated high debts; our debt stock increased to GhC122bn, that is 1154%. We inherited a weak economy, characterised by high fiscal deficits,” he added.
In a related development, the Vice President of Ghana, Dr Mahamudu Bawumia came along with Ofori-Atta as he presented the policy to Parliament.
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Dr Bawumia is the head of the government’s economic management team.
The Senior Minister Yaw Osafo Maafo who is also part of the economic management team accompanied the Finance Minister.
This is the second time both top government officials are accompanying the Finance Minister to present policies to the Parliament of Ghana.