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GHANA WEATHER

#gbcghanaonline2020Budget:Fiscal deficit reduced- Ken Ofori Atta

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“In 2015 the micro economy was not stabilized. The existence of the Akufo-Addo administration created jobs and ensured a living condition of the people in Ghana.”

”When we succeeded there were no jobs the health condition of the country was not stable.” Ken Ofori Atta as he presents the budget statement to parliament.

“The government  has created infrastructure and better education for the people.”

Delivering the 2020 budget in Parliament, Wednesday, 13, 2019, the Finance Minister said Government maintained fiscal discipline in the year under review.

2019 has been a very good year for Ghana. God’s blessings of our hard work are beginning to manifest…We have quietly but incontestably, achieved significant structural changes for the country. We have delivered on our flagship programs. The gains made so far are significant and indeed to the glory of God.  On May 1, 2017, I had the opportunity to present the budget statement to this House. The economy was in bad shape. Growth in agriculture was slowing…unemployment was rising and businesses and households were working mainly to pay bills.”

“We have stabilised the microeconomic turbulence that was all too regular a feature in the management of the national economy. We have delivered on our flagship program. The Gains made so far are significant and it is indeed to the glory of God”.

“Economic growth doubled under President Akufo-Addo”- Ken Ofori Atta.

”Fiscal deficit reduced”-Ken Ofori Atta

“2019 has been a very good year for Ghana.”

Mr. Ken Ofori Atta disclosed that inflation dropped to 7.6% in 2019. ‘ When inflation drops, the cost of business comes down and this is good for the people’.

The Finance Minister referred the success chalked up by the Akufo-Addo government to the biblical aspect where Jesus fed 5,000 people.

According to Ken Ofori Atta, government has wiped off 3,000 million debt that the country faced.

He further stated that the Akufo-Addo administration strikes balance and competence in their work.  Thus all nuisance taxes have been eliminated.

“Mr.  Speaker we moved from Taxation to production,” he said.

“Government records primary surplus for two years in a row” -Ken Ofori Atta

Mr.  Ofori Atta said the president has an ultimate aim in investing in the lives of the younger generation.

He said the economic growth has risen.  Which is a symbol of development. Comparing 2015, 2016-2019 that had been an improvement.

According to him when inflation is low it’s a symbol of development.

“The banking sector is improving.”

“Government will continue to seek aid from the international world to build a better nation.”

“Foreign investment to be able to build the nation.”

According to the finance minister government will support the local institutions to ensure job opportunities.

“4.6 million depositors were at risk of losing their deposited funds”

“20 billion cedis spent on banking sector clean up”

“GHS107 million oil revenue to be channeled into Ghana Stabilisation Fund”

“Government to restructure tax system”

”Government won’t impose new taxes”

“Government to rationalize existing energy sector agreements”

“Government to place moratorium on new energy sector agreements”

“Government initiates accelerated tender process to select a new partner for ECG”

“Government respects and committed to Millennium Challenge Compact”

“Finance sector clean-up yielding result”

“SEC will preserve investments of 77, 000 investors”

“Government has not intentionally collapsed any bank”

“Their insolvency put depositors at risk” – Ken Ofori Atta

“We acknowledge pain and distress that has befallen those who placed confidence in these banks”

“Ghana Amalgamated Bank set up to support 5 banks that couldn’t raise the required equity”

“NIB was dealt with separately because it was 100% state-owned”

”Final assessment shows 2 billion cedis shortfall in meeting minimum capital requirement”

”Consolidated bank has made significant progress in refunding depositors monies

”With progress made, the bank has requested to be regularized.”

Monitored by Victoria Amankwa

 

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