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Business News Fri, 3 Mar 2017

Government to return economy on track

The Finance Minister, Ken Ofori-Atta, has said that the policies outlined in the maiden Budget Statement and Economic Policy of the Akufo-Addo government will help fix the economy and change the narrative to put the economy on the right path of remarkable growth.

The Finance Minister, Ken Ofori-Atta, has said that the policies outlined in the maiden Budget Statement and Economic Policy of the Akufo-Addo government will help fix the economy and change the narrative to put the economy on the right path of remarkable growth.

According to him, the budget would put the country on the track to phenomenal growth, while setting the stage for the implementation of the vision of President Nana Addo Dankwa Akufo-Addo for the economic transformation of the country.

“Ghana turns 60 in a few days and there have been arguments whether it is worth celebrating this milestone given the sombre state of affairs. I believe we must. This anniversary provides us, not only the opportunity to reflect but the challenge to chart a new course,” he said yesterday while presenting the budget on the theme: “Sowing the seeds of growth and jobs.”

He observed that even though Ghana is seen as a stronghold of democracy and stability on the African continent, the country’s economic challenges had prevented it from attaining its developmental aspirations.

He assured that the Akufo-Addo government would embark on deliberate and strategic moves to make fundamental changes in the economic structure of the country. He added that government would remain committed to implementing the measures outlined in the budget.

According to him, the NPP government is poised to move the country to a sustainable all-inclusive economic path, which would restore hope to the citizenry, stressing that Ghana must take charge of its destiny.

On the plight of rural communities, he said that the communities would see a transformation in their lives with the introduction of district level industrial and agricultural initiatives as well as improved education and better health facilities.

He gave the assurance that government would restore the lost fiscal discipline in the Ghanaian economy.

The Minister attributed Ghana’s poor economic performance over the years to the complete loss of strict fiscal discipline by the managers of the economy, explaining that the low revenue collection, high wage bills and high debt service payment are some of the first attributes of the loss in fiscal discipline in the Ghana economy.

According to him, prudent financial management in all sectors of the economy was what his ministry would pursue to bring the economy back on track.

He further assured that government would keep an ‘eagle eye’ at the country’s ports and harbours to prevent leakages and wastage in revenue collection.
Source: thestatesmanonline
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