Government unveils Golden Jubilee Budget

Accra, Nov. 16, GNA - Government on Thursday unveiled the 2007 Budget and Financial Statement dubbed Golden Jubilee Budget saying it was to promote growth and stability for all.

In a foreword to the Budget presented by the Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu to Parliament, President John Agyekum Kufuor said it would be used as the beginning of the solution to problems of salaries in the public sector.

He said to ensure order and equity all round, the Government was setting up a Fair Wages Commission to oversee the implementation of this new programme.

President Kufuor noted that despite gains made by the Government, there were problems at the labour front, resulting partly from a distorted public sector salary structure, which was also poorly administered.

The Government was, therefore, using the Dudget to begin the implementation of a new comprehensive public sector pay reform that emphasises equal pay for work of equal worth.

"The broad objective is to aim for wage increases in line with productivity gains, cost effectiveness and efficiency."

President Kufuor quoted an adage which says that "Rome was not built in a day=94, and said: "Today, we are laying the first block for a more rational salary structure and administration."

He said the Government had realised, however, that this new system would have to be phased in, 93but we will continue to implement the social policies and programmes that will accelerate the growth we need to achieve our target=94.

President Kufuor said the public sector reforms that were being pursued would be sustained to boost private sector development through an enhanced public services delivery, in order to deepen the public-private sector partnership for accelerated growth.

"I am, therefore, appealing to the nation and all its sectors to hold fast and rally together so that we pursue a collective vision in the belief and confidence that Ghana will succeed in becoming a middle income country by 2015."

President Kufuor said the sacrifices the nation had made over the past couple of years had yielded the desired positive results, such that the economy was resilient, even in the face of rising crude oil prices, adding that Government remained committed to those polices that have brought the nation this far.

"On the eve of our 50th anniversary as a nation, I am happy that our economy is vibrant and the aspiration of attaining the status of a middle-income country in the next decade is within our reach.

"With vigorous infrastructural development, the introduction of the National Health Insurance Scheme, Capitation Grant, Free Bussing and the School Feeding Programme for children and the establishment of financial schemes for micro, small and medium sized enterprises, we have made significant gains towards the Millennium Development Goals (MDGs). Indeed, we are likely to attain some of these goals before the UN deadline."

President Kufuor said economic growth had exceeded targets for three consecutive years and this year, the recorded growth of 6.2 per cent exceeded the target of 6.0 per cent, and for next year, 6.5 per cent was the confident forecast.

=93Progress made is recognized by the international community: Ghana has been rated the most peaceful nation in Africa, given a B+ sovereign credit rating, ranked the fastest reforming nation on the Continent and ninth in the world in doing business.=94 16 Nov. 06