Business News of Friday, 20 January 2017
Finance Minister-designate, Ken Ofori-Atta has pledged to protect the public purse stating that it is key to “rebooting” the country’s ailing economy.
Answering queries from members of Parliament’s Appointments Committee during his vetting Friday, January 20, 2017, he said his vision is to make the Ministry of Finance (MoF) a place of “light that efficiently manages” the public purse.
He also hinted of a tighter fiscal policy to cut down on leakages in the system.
“When I look at the current state of our country’s finances I suspect we need tighter monitoring and control,” he told the committee.
Allaying the fears of economists that abolishing some taxes will throw the economy out of gear, he said: “There might be a few bumps when some taxes are cut but things will improve.”
He said when taxes were reduced from 32% to 25% during the previous New Patriotic Party (NPP) administration of former President John Kufuor “we saw a thousand-fold increase.”
He, however, noted that the tax base will be broadened leading to more people in the tax net.
He said nothing is beyond the AKufo-Addo administration and that the numerous campaign promises made during electioneering will be fulfilled.
He said: “We will be able to fulfill the promises in our manifesto within our term; we’ll work hard at it.”