Finance Minister, Ken Ofori Atta has presented the 2017 Budget Statement to Parliament. The President, Nana Akufo-Addo said in the State of The Nation Address that the 2017 budget will bring the economy back on path of sustainable growth and development.
Dubbed the ” Asempa Budget”, the finance minister, Ken Ofori Atta spelt out the government’s major economic policies. Government has decided to review the nuisance taxes to provide relief for businesses.
On debt sustainability, Mr. Ofori Atta said “the debt strategy will be to bring our debt to 65% over the medium term.” And also adds, the medium debt management objective is to manage the public debt at the lowest cost.
The government is targeting an overall real GDP growth of 6.4%. The finance minister stated that government’s medium term objective is to make Ghana the most business friendly environment in Africa making agriculture the main anchor of the country’s economy.
For starters the government is aiming at rolling out seven of it numerous campaign promises in the lead up to the 2016 polls. Among the policies to be implemented includes;
(a) Establishment of the Infrastructure for poverty eradication – each constituency to receive the cedi equivalent of million dollars to combat poverty
(b) Implementation of the one district one factory – initiating industrialisation as promised during the 2016 election campaigns
(c) Establishment of the Zongo Development Fund to support the development of Zongo communities
(d) Roll out of the National Identification System to help formalise the economy
(e) Roll out the free senior high school to ensure equal opportunities for students
(f) Roll out the national digital addressing system
(g) Restoration of the teachers and nursing trainee allowance
1. Major water projects will be undertaken in 2017, we will complete the on-going 1000 boreholes project
2. The eastern railway line will cover a distance of 330km
3. The central region railway line will cover a distance of 200km
4. Work will commence on the Western rail line which starts from Takoradi and ends in Kumasi
5. Preparatory work for the Sunyani and Techiman water projects will be finalised
Below is a graphic breakdown of key policy initiatives by the government;
Author: Paa Swanzy-Essuman || p.swanzy@ghanatalksbusiness
Infograph credit: Ministry of Finance