{"id":467889,"date":"2018-02-27T02:00:38","date_gmt":"2018-02-27T02:00:38","guid":{"rendered":"https:\/\/ghana-mma.com\/2018\/02\/27\/if-you-want-to-feel-economy-in-your-pocket-pay-your-taxes-finance-minister\/"},"modified":"2018-02-27T02:00:38","modified_gmt":"2018-02-27T02:00:38","slug":"if-you-want-to-feel-economy-in-your-pocket-pay-your-taxes-finance-minister","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2018\/02\/27\/if-you-want-to-feel-economy-in-your-pocket-pay-your-taxes-finance-minister\/","title":{"rendered":"If you want to feel economy in your pocket, pay your taxes – Finance Minister"},"content":{"rendered":"

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Business News of Tuesday, 27 February 2018<\/p>\n

Source: <\/strong>Myjoyonline.com <\/p>\n

2018-02-27<\/p>\n

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\"OforiAtta27\"play video<\/span>Finance Minister Ken Ofori Atta speaking to the media<\/span><\/span><\/p>\n<\/div>\n

Finance Minister Ken Ofori Atta has challenged critics who are grumbling about not feeling the impact of the remarkable performance of Ghana\u2019s economy in their pockets to show evidence of their tax returns.<\/p>\n

The soft-spoken economist cannot understand how critics will huff and puff over economy yet refuse to pay their taxes for the development of the country.<\/p>\n

At a media engagement, Monday, the Minister painted a rosy picture of Ghana\u2019s economic performance in just a year of the Akufo-Addo government.<\/p>\n

He also painted a gloomy picture of non-payment of taxes by citizens with a depressing VAT penetration rate of 11% saying, \u201cIndividuals are not paying their taxes.\u201d<\/p>\n

\u201cIf that nice suited gentleman says I am not feeling it in my pocket ask the person whether he has even filed his income tax before,\u201d he said, adding, it is incumbent for everyone to fulfil their part of the responsibility as a country.<\/p>\n

Macro stability<\/b><\/p>\n

After inheriting an economy with an inflation rate of over 15%, GDP of 3.6%, in 2016, Ken Ofori Atta says Ghana\u2019s economy in 2017 and 2018 can only be described as a \u201cremarkable story.\u201d<\/p>\n

\u201cThe question that we should ask is how can you inherit a budget deficit of 9.3% of GDP, proceed to reduce taxes at a cost of 1 billion cedis, bring down inflation, bring down interest rate, increase economic growth from 3.6 to 8% plus increase your international reserves to over 7 billion; maintain relative exchange rate stability, reduce debt to GDP ratio and the rate of debt accumulation,\u201d he stated.<\/p>\n

He was not done. For a country that has suffered from debts to the NHIA, GETFund, school feeding etc, the Finance Minister said the Akufo-Addo government has been faithful.<\/p>\n

He said the government has paid \u201calmost half of arrears inherited; stay current on obligations to statutory funds; restore teacher training and nursing allowances, double capitation grant, implement free SHS and yet reduce the deficit from 9.3% to 6.3%,\u201d he chronicled, adding this can only be a remarkable story.<\/p>\n