Business News of Monday, 19 November 2018
Source: citibusinessnews.com
2018-11-19
Ken Ofori Atta, Finance Minister
The Finance Minister, Ken Ofori-Atta has given a strong assurance that government is well prepared to pool together the needed resources to fund the projects outlined in the 2019 budget.
The comment was in reaction to concerns raised by some stakeholders about how government was going to raise money to finance its budget deficit as well as some of its major infrastructural projects in the 2019 budget.
But while addressing Members of Parliament at the post budget workshop at Koforidua in the Eastern region, Mr. Ofori-Atta stated that there were multiple avenues available for government to raise the needed resources to actualize the promises in next year’s budget.
“One of the issues I’ve heard a lot about is the issue of whether we have the resources for this ambitious program that we have taken. I think the Sinohydro deal, you all have seen what we are looking to do. And I think the Vice President has negotiated very soundly. So that resource envelope will be available. You have honorable members also see the Minerals ACT which is going to securitize our royalties and that’s maybe 500 to 750 million Dollars that we are yet to even discuss what we’ll use that resource for.”
Mr. Ofori-Atta maintained that there are various measures to also boost domestic revenue collection through effective ways.
“We are also looking at the GHC 1.8 Billion of GETFund that comes every year and to securitize a portion of it such that the uncompleted structures we can take care of. So I don’t think we need to worry about that.”