\n
Former deputy Finance minister Ato Forson says government\u2019s revision of some of the targets in its 2017 budget portends bad news for the Ghanaian taxpayer.<\/p>\n
He has described the 2017 budget as \u2018asembone\u2019 budget [ bad news] despite government touting its economic policy as an \u2018asempa\u2019 [good news] budget.<\/p>\n
Finance minister came to Parliament to present government\u2019s economic performance seven months in the Akufo-Addo government as required by law.<\/p>\n
The minister, Ken Ofori-Atta\u2019s revised some of the targets in the budget statement and conceded it could not collect as much revenue as it had targeted.<\/p>\n
He explained, lower revenues were recorded because of low import volumes and a slower rate of economic activity which led to lower revenues from income taxes.<\/p>\n
Ken Ofori-Atta noted that revenue to have accrued from taxes on Income and Property, International Trade and\u00a0Domestic Goods and Services fell short by about 47%, 33% and 20% respectively.<\/p>\n
He said because government could not collected enough, it also reduced\u00a0spending hence missing an expenditure target of 16.7 percent as it missed its total revenue and grants targets by 14.9%.<\/p>\n
The resulting effect that government was well below its fiscal deficit target of 3.5% recording 2.5%\u00a0 of GDP.<\/p>\n
While cutting the economy\u2019s coat to fit its size can be pointed out as a good development, the Minority also argue that cuts in expenditure hurts the Ghanaian.<\/p>\n
The expenditure cut of around 600million cedis, Ato Forson said, will mean public sector employees will go to work but \u2018will not\u00a0have tools to work\u2019 while contractors working on projects will not be paid on time.<\/p>\n
\u201cWhat we heard today will not translate into gains\u201d he later said on Joy News Monday.<\/p>\n
He said government is failing to discount the impact of the shut down of FPSO Kwame Nkrumah on the economy. The shut down which will last for 12\u00a0 weeks will mean revenue shortfalls from oil.<\/p>\n
He said despite this reality, the government still maintains its 6.3% GDP growth rate for 2017 and predicted, the NPP government \u201cwill be exposed big time\u201d by the end of the year.<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Former deputy Finance minister Ato Forson says government\u2019s revision of some of the targets in its 2017 budget portends bad news for the Ghanaian taxpayer. He has described the 2017 budget as \u2018asembone\u2019 budget [ bad news] despite government touting its economic policy as an \u2018asempa\u2019 [good news] budget. Finance minister came to Parliament to […]<\/p>\n","protected":false},"author":0,"featured_media":396529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-407512","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\n
Finance minister has revised 'Asempa' budget to 'asembone budget' - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/07\/31\/finance-minister-has-revised-asempa-budget-to-asembone-budget\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Finance minister has revised 'Asempa' budget to 'asembone budget' - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Former deputy Finance minister Ato Forson says government\u2019s revision of some of the targets in its 2017 budget portends bad news for the Ghanaian taxpayer. He has described the 2017 budget as \u2018asembone\u2019 budget [ bad news] despite government touting its economic policy as an \u2018asempa\u2019 [good news] budget. 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