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Business News of Monday, 31 July 2017


Confidence in Ghana’s economy bouncing back – Ofori-Atta

Finance Minister Ken Ofori-Atta has said that confidence in the Ghanaian economy is bouncing back following prudent policies being pursued by the Akufo-Addo government.

According to him, macro-indicators for the first half of the year are pointing in the right direction.

“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,” the finance minister noted during the presentation of the 2017 budget review to Parliament Monday.

Meanwhile, Vice President Dr. Mahamudu Bawumia joined the finance minister as he presented the policy review to the House.

This is the second time the vice president is going to the house without the President after he accompanied Mr. Ofor-Atta early this year for his maiden budget to the House.

Other senior members of government who accompanied the finance minister included Senior Minister Yaw Osafo Maafo, who is a member of the government’s economic management team headed by Dr. Bawumia.

Ahead of the presentation, the minority leader Haruna Iddrisu warned that the minister will not be allowed by the minority to review any promise made earlier since he was behind the approved schedule for a review presentation.