President Nana Akufo-Addo<\/strong><\/p>\nThe President Nana Akufo-Addo\u2019s Government has reaffirmed its commitment to safeguard Ghana\u2019s Macro-fiscal gains over the last three years.<\/p>\n
Finance Minister, Ken Ofori-Atta, who is presenting 2020 Budget Statement and Economic Policy on the floor of Parliament, made the pledge on behalf of Government.<\/p>\n
He said emphatically that \u201cGovernment remains committed to safeguarding the macro-fiscal gains that we have achieved over the last three years in the management of the nation\u2019s public finances.\u201d<\/p>\n
The implementation of the Fiscal Responsibility Act, the establishment and operationalisation of the Fiscal Responsibility Advisory and Financial Stability Councils, he reverse, have complemented several other institutional and structural reforms to strengthen fiscal discipline and ensure irreversibility of policies.<\/p>\n
According to him, over the first nine months of the 2019 fiscal year, provisional fiscal data indicates that the fiscal deficit arising from Government\u2019s fiscal operations was 4.5 percent of GDP on cash basis. <\/p>\n
\u201cThis compares to a deficit target of 4.1 percent of GDP for the period. The higher-than-programmed fiscal deficit resulted mainly from revenue underperformance. Although expenditures were also below target, the expenditure execution rate was higher than revenue execution rate,\u201d he said.<\/p>\n
Total Revenue<\/p>\n
He disclosed that total revenue and grants for the period, amounted to GH\u00a236.3 billion (10.5% of GDP). <\/p>\n
\u201cThe outturn represents a per annum growth of 9.2 percent despite a 13.6 percent shortfall relative to the target of GH\u00a242.0 billion (12.1 percent of GDP),\u201d he reported.<\/p>\n
He added that the general underperformance of tax revenue mainly stems from shortfalls in International Trade taxes and on Income and Property taxes. <\/p>\n
\u201cThe shortfall in international trade taxes, which consist of Import Duty and Levies, External VAT, and Customs National Health and GETFund levies, resulted from lower import volumes, high admittance of imported goods into the zero-rated and\/or tax-exempt import brackets and the lower tariff bands, up to the 10 percent tariff levels,\u201d he explained.<\/p>\n
Total Expenditure including arrears clearance amounted to GH\u00a251.9 billion (15.1% of GDP) compared to the target of GH\u00a256.1 billion (16.2 percent of GDP). Except for Interest Payments, all expenditure line items were contained within their respective targets, according to the Minister.<\/p>\n
Following Government\u2019s fiscal operations, the overall fiscal balance on cash basis resulted in a deficit of GH\u00a215.7 billion (equivalent to 4.5 percent of GDP) against the target of GH\u00a214.2 billion (or 4.1 percent of GDP), he said. <\/p>\n
\u201cThe higher-than-programmed financing (especially from domestic sources) stems mainly from the frontloading of financing requirements to meet Government expenditures and other debt service obligations, including for the settlement of uncovered Government auctions following substantial revenue shortfalls,\u201d he said.<\/p>\n
The Primary Balance for the period was a deficit of GH\u00a2916 million (0.3% of GDP) against the targeted Primary Surplus of GH\u00a2201.7 million (0.1% of GDP), he stated.<\/p>\n
Outlook for End-year 2019<\/p>\n
Based on the provisional fiscal outturn for the first nine months of the year, he noted, revised projection for the year resulted in total revenue and grants of GH\u00a254.6 billion (15.8% of GDP).<\/p>\n
\u201d This projection represents a 7.4 percent shortfall relative to the 2019 revised annual budget target of GH\u00a258.9 billion (17.0% of GDP),\u201d he added.<\/p>\n
BY Melvin Tarlue <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"President Nana Akufo-Addo The President Nana Akufo-Addo\u2019s Government has reaffirmed its commitment to safeguard Ghana\u2019s Macro-fiscal gains over the last three years. Finance Minister, Ken Ofori-Atta, who is presenting 2020 Budget Statement and Economic Policy on the floor of Parliament, made the pledge on behalf of Government. He said emphatically that \u201cGovernment remains committed to […]<\/p>\n","protected":false},"author":1,"featured_media":699256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-743966","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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