Finance Minister Ken Ofori-Atta says the ailing economy the Nana Addo-led government inherited from the previous Mahama-led government is bouncing back following prudent policies being pursued by the current administration.
He noted that, macro-indicators for the first half of the year are promising.
“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,” he said.
Presenting the 2017 budget review to Parliament Monday, Ken Ofori-Atta however noted that, “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, characterized by high fiscal deficits.”
Source: King Edward Ambrose Washman Addo/Peacefmonline.com/ Twitter: @Washman5/ Instagram: Washman007
|Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.|