PwC sees 'breather' in 2018 budget for businesses

Tax and Audit consultancy PricewaterhouseCoopers has said the 2018 budget statement and economic policy offers businesses the breathing space to focus on boosting their growth.

Speaking at PwC’s post 2018 budget forum, its Senior Country Partner, Vish Ashiagbor, said the budget “gives certainty and clarity to businesses so they can plan knowing that there would not be any radical change in the immediate horizon and that is what businesses like to see.”

According to the consultancy, the primary policies outlined in the budget statement focus on the creation of a conducive business environment which allows for the economic engagement of all Ghanaians, thus promoting inclusive growth without compromising fiscal consolidation.

“Projections for selected macroeconomic indices suggest that Ghana has good economic prospects over the medium-term, given prudent fiscal management, with a sound basis provided for the private sector to expand,” it said.

It is significant to note, however, that achieving these macroeconomic targets will require aggressive policy implementation as well as an ambitious adjustment and reform agenda,” Mr. Ashiagbor added.

Making choices

Finance Minister, Ken Ofori-Atta, who was the special guest at the event, said there were a lot of initiatives that were competing for government’s attention and resources.

Job creation is one of the major challenges for government, he said, hence, its decision to come up with the Nation Builders’ Corps programme, which is expected to give employment to at least 100,000 graduates.

“Sometimes, we have to make choices and the NBC is one of those choices. The unemployment situation has become a national security threat. Because of that you are torn between the rigidity of fiscal consolidation and an imminent explosion, and you have to make choices,” he said.

The minister said the decision to introduce NBC is one that has been carefully thought out and that risk to the rising wage bill will be contained. The programme, which was announced in the 2018 budget, will see the graduates deployed in areas such as revenue mobilisation, teaching, health, among other areas.