General News of Thursday, 17 July 2014
Finance Minister Seth Terkper on Wednesday expressed optimism that Ghana would surmount its present economic depression, maintaining that upturns indicate the economy was on the path of resurgence.
He said Ghana’s short to medium term prospects remained positive while government is committed, focused and determined to put the country on a positive economic pedestal.
The Minister made the affirmation when he presented the mid-year review of the budget statement and economic policy and supplementary estimates for the 2014 financial year to Parliament on Wednesday.
He said with the expected increases in oil and gas exploration and production, particularly from the Jubilee, Sanko-Gye Nyame and the Tweneboah-Enyenra-Ntomme fields, backed by factual evidence, there are encouraging signs that support the assertion that the country would evolve from the present challenges.
Mr. Terkper said the recovery in cocoa prices, a stable outlook for petroleum prices which hold positive impact on revenue yields and the expansion prospects, and the added expansion of the services sector is a positive development that would enhance the country’s fiscal outlook.
He said public-private sector investments, including foreign direct investments in key sectors of the economy are contributing to diversification and value addition into the economy; coupled with the reduction in infrastructure deficit is a boon to Ghana’s growth potential.
A notable example is the imminent completion of the gas pipelines and processing plant to stabilize and improve supply of energy and domestic output.
The Finance Minister said the economy would also benefit tremendously from the next generation of tax reforms that would improve efficiency by moving all tax processes to an electronic platform in order to enhance tax administration and compliance.
He said the strategic infrastructure investments in the oil and gas sector could generate an additional 2.5 million dollars in revenues and boost Ghana’s GDP growth.