Business News Mon, 23 Jul 2018

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Fiscal and macro gains not the end-game - Oppong Nkrumah

The Akufo-Addo administration says its objective is not to only make gains in Fiscal and Macroeconomic indicators, but to utilise such gains in improving on the quality of lives of the Ghanaian citizen.

Speaking in Parliament on Monday, 23 July 2018, Deputy Information Minister and MP for Ofoase Ayirebi Kojo Oppong Nkrumah explained that while it is undeniable the fiscal and Macroeconomic gains achieved so far, the administration is focused on converting the gains into direct benefits that citizens can feel.

He said the administration has robust programs which when fully funded and executed successfully, will complete the agenda of impacting the lives of more citizens. Having succeeded in improving the fiscal and Macro performance, it has now become imperative to generate more funds for the next phase, deepening execution of the development programs.

Parliament commenced the debate on the mid-year review on Monday and has been interrogating the progress of the nation under the Akufo-Addo administration. In leading the majority side in the debate, Hon Nkrumah said instead of spending time debating the veracity of the gains, time should be spent examining how to employ the gains in completing the development programs of the administration.

“It is clear therefore that we can’t do much until we first win the battle against what were our dwindling Fiscal and Macroeconomic fortunes. The fact is that we have made significant gains in this battle. What remains is to translate these gains into an improvement in the quality of life of our people. Denying these gains is not an option,” he stated.

Mr Nkrumah said it is necessary to ensure that the full delivery of the government’s programs is guaranteed by improving revenues to the state. He therefore called on fellow politicians across all divide, civil society, industry players, academia and the general populace to support government’s agenda to raise more revenue to fund the development programs.

Last week, the Finance Minister Ken Ofori-Atta announced new revenue measures to achieve the deficit in revenue collection.

Delivering the mid-year budget in Parliament on Thursday, 19 July 2018, Mr. Ofori-Atta said the revenue collection agencies under performed in the first five months of 2018 hence it has become imperative for the government to “immediately implement some fiscal measures” to close the gap.

“Based on the under performance for the first five months of 2018, we will end the year with an estimated deficit of 4.9% of GDP compared to the programmed target of 4.5%, resulting in a fiscal gap of GHs870 million, unless we immediately implement some fiscal measures,” the Finance Minister stated.

Source: www.ghanaweb.com

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