Business News Wed, 21 Nov 2018

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Government will pull resources to finance budget deficit and execute projects – Finance Minister

Finance Minister Ken Ofori-Atta has allayed fears there wouldn’t be funds to execute the lofty projects he mentioned in the 2019 budget.

“Government is ready to pull resources to finance the budget deficit and execute infrastructural projects,” he declared at a stakeholders meeting to dissect the budget in Koforidua.

According to the soft spoken finance man, “you’ve all seen what we intend to do with the Sinohydrodeal,” adding “we expect to get GHC1.8 billion from the GET Fund which comes yearly.”

Other sources Mr. Ofori-Atta has his eyes set on is to securitize Ghana’s mineral resources under the Mineral Act.

Realigning the income tax band to GHc20, 000 at 30%, better and open allocation of oil blocks and paperless port system so taxes and charges can find their way to the state.

There have been calls for years for Ghana to renegotiate its gold agreements with foreign companies as the 3% royalties to the state and stool lands is a paltry sum compared to profits shipped. Perhaps the Minerals Act might just enable the state have a better cut for its minerals mined.

At the budget reading last Thursday, the minister touched on projects the Akufo-Addo government is keen to do spanning roads, schools, hospitals and bridges.

Source: goldstreetbusiness.com

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