2018 Budget: Government reverses 2017 fiscal deficit to 6.5%

The Finance Minister, Ken Ofori-Atta says government is likely to end the 2017 fiscal year with a fiscal deficit of 6.5%.

“We resolved to be fiscally disciplined and respect the limits that Parliament set for us. I am glad to report that we are on course to end the year with the fiscal deficit of 6.5%,”

Mr. Ofori-Atta told Parliament on Wednesday when he delivered the 2018 budget statement and economic policy of government.

However, in July this year, when the Finance Minister presented the mid-year budget review to Parliament, he told the house that the overall fiscal deficit has been revised by government downwards from 6.5 percent of GDP to 6.3 percent of GDP.

The 6.5 percent the government envisaged now would however be an improvement over the 9.3 percent of GDP achieved by the previous administration for the 2016 fiscal year. “We have achieved in one year, what seemed impossible to achieve in eight years,” Ken Ofori-Atta touted.

The 2018 budget has been themed, “Putting Ghana back to work”. Mentioning a number of achievements chalked by the New Patriotic Party government in 2017, he asserted, “I am happy that we have turned the economy around and policies are yielding results’.

He noted that the Akufo-Addo-led administration has been able to restore macro stability and renewed confidence in the economy.

The minister commended Parliament for the cooperation his government has enjoyed from the House in implementing the government’s “agenda for jobs and wealth creation”.

He noted that the 2017 budget christened the ‘Asempa budget’ to wit the good news “is restoring and bringing hope to the people of Ghana”. He stressed, “We are happy to note that our policies are yielding results that have brought back smiles to several Ghanaians”