<\/p>\n
President Nana Akufo-Addo<\/strong><\/p>\n PRESIDENT AKUFO-Addo says the performance of Ghana\u2019s Gross Domestic Product (GDP) growth during his tenure in these COVID-19 times is much better than what the National Democratic Congress (NDC)\u2019s John Mahama-led administration recorded.<\/p>\n \u201cIt is encouraging for my government and party, the New Patriotic Party, to recall that the rate of growth of the economy, 5.6%, against the background of the exceptionally difficult circumstances of the COVID-era, is still considerably better than the 3.4% we inherited [2016] in calmer times from our predecessor administration,\u201d he stated.<\/p>\n Speaking at the opening of the National Labour Conference at Kwahu Nkwatia in the Eastern Region yesterday, the President said Ghanaians should not forget that before the outbreak of the pandemic, the country had witnessed average annual GDP growth rates of 7% in 2017, 2018, 2019 and part of 2020.<\/p>\n \u201cOur economy was then, generally, acknowledged as one of the fastest growing in the world,\u201d he noted.<\/p>\n President Akufo-Addo said proactive decisions taken by the government to fight the pandemic as well as revitalising and transforming the economy, had begun to yield results.<\/p>\n He disclosed that the stabilisation phase of the GH\u023c100billion COVID-19 Alleviation and Revitalisation of Enterprises Support (Ghana CARES) \u2018Obaatanpa\u2019 programme, which is intended to create jobs and prosperity for Ghanaians over a three-year period, ended in 2020.<\/p>\n He said the second phase, which started early this year, aims at revitalising and transforming the economy.<\/p>\n It is also aimed at developing Ghana\u2019s housing and construction industry, reviewing and optimising the implementation of government\u2019s flagship and key programmes, creating jobs for young people, and expanding opportunities for the vulnerable in society, including physically-challenged persons.<\/p>\n \u201cAs a result of this programme and the policies being implemented by the government, the economy grew at a provisional 5.2% in the first three quarters of 2021. This growth is expected to be sustained in the medium term,\u201d the President intimated.<\/p>\n He continued, \u201cThe overall real GDP for the medium term is projected to grow at an average rate of 5.6%, and we remain committed to returning to the fiscal deficit target threshold, as enshrined in the Fiscal Responsibility Act, Act 982, from this year.\u201d<\/p>\n He reassured that the government would continue to demonstrate the ability, resolve and determination to change the trajectory of Ghana\u2019s economy to help the country recover faster from the effects of COVID-19.<\/p>\n E-Levy <\/strong><\/p>\n Commenting on the E-Levy, the President said the proposed tax was an innovative fiscal measure which will help improve the country\u2019s tax-to-GDP ratio on an equitable basis.<\/p>\n \u201cI believe strongly that it is in the public interest that it should be enacted into law. We cannot continue to live forever on foreign savings. Those who are concerned about our debt burden are right to focus on it as a major pre-occupation,\u201d he said.<\/p>\n He reiterated that, \u201cWe cannot continue to allow less than ten percent (10%), specifically 7.8%, i.e., 2.4 million people, of the population carry the direct tax burden of 30.8 million people. We must provide an opportunity for every Ghanaian to contribute towards nation building,\u201d adding \u201cit is time we accepted the full implications of our goal of Ghana Beyond Aid, and designed our fiscal profile accordingly. The Asian Tigers, whom we envy and want to emulate, financed their rapid development from their own savings. We need to do the same.\u201d<\/p>\n With the pandemic of COVID-19 ravaging the economies of the world, including that of Ghana, he told the gathering that transforming the economy would require the active involvement and participation of all, including the large informal economy.<\/p>\n The President explained that an economy, in which only a small proportion of the population bears the brunt of direct taxation, is unlikely to witness any rapid transformation.<\/p>\n \u201cWe have to make concerted efforts as partners to hasten our recovery from COVID-19 by finding intelligent ways of bringing everyone on board to contribute their quota, no matter how small,\u201d he said.<\/p>\n President Akufo-Addo continued, \u201cGovernment, on its part, is implementing a policy of cutting the budgets of ministries, departments and agencies (MDAs) by twenty percent (20%) this year, as its contribution to measures to ensure fiscal consolidation.\u201d<\/p>\n Ghana\u2019s tax-to-GDP ratio of 12.2%, the President said, compares unfavourably with the rest of the world, as the average tax-to-GDP ratio in West Africa stands at 18%, and the average for Organisation for Economic Co-operation and Development (OECD) countries standing at 34%.<\/p>\n BY Ernest Kofi Adu<\/strong><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \n\t<\/div>\n","protected":false},"excerpt":{"rendered":" President Nana Akufo-Addo PRESIDENT AKUFO-Addo says the performance of Ghana\u2019s Gross Domestic Product (GDP) growth during his tenure in these COVID-19 times is much better than what the National Democratic Congress (NDC)\u2019s John Mahama-led administration recorded. \u201cIt is encouraging for my government and party, the New Patriotic Party, to recall that the rate of growth […]<\/p>\n","protected":false},"author":1,"featured_media":1006972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[],"class_list":["post-1006971","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1006971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1006971"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1006971\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1006971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1006971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1006971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}