The Minister for Finance, Ken Ofori Atta has presented the last financial policy of government for the first term of President Nana Addo Dankwah Akufo Addo and has touted the superiority of the economic management prowess of the current government as compared to its immediate predecessor government led by former President Mahama.
According to him, the year 2019 has been very good for Ghana because the government has achieved significant structural changes in the economy.
Presenting the 2020 budget in Parliament on Wednesday, November 13 2019, the Finance Minister observed that the economy was in a very bad shape when the NPP government took over from the Mahama led NDC government in 2017.
However, President Akufo Addo and his government have turned the economy around for a sustainable growth in just the last three years alone and have also succeeded in moving the economy from taxation to production.
He accused the previous government of only collecting tax, borrowing a lot of money but failing to invest in the productive sectors of the economy.
“Mr. Speaker, the poor state of public finances, weak policy implementation and lack of policy credibility resulted in Ghana requesting an IMF bailout in August 2014. The economic model being practised at the time was a simple, unexamined formula of tax, borrow and spend without a focus on production. The previous government resorted to some draconian fiscal measures; notably the increase in the tax burden on many items and activities, including condoms, cutlasses as well as ‘kayayie’,” he teased.
The Finance Minister emphasized that the Akufo Addo governement has been committed to improving the fundamentals of the economy over the last three years by taking some difficult decisions including the financial sector reform among others.
“Mr. Speaker, the Economic growth rate has doubled under President Akufo-Addo, rebounding strongly from 3.4 percent in 2016 (the lowest GDP growth rate since 1994); averaging 7%; Inflation rate has fallen from 15.4 percent in December 2016 to 7.6 percent (new series) in September 2019, registering the lowest rate in 27 years; which makes 2019 the year with the slowest ever rise in the prices of goods and service in Ghana in the entire history of the Fourth Republic,” he indicated.
He noted that the NPP government came with a plan and they have so far implemented their plan, adding that they have indeed moved the management of the economy from taxation to production as promised.
According to the Finance Minister the economy has seen a miraculous turn around and it is now strong to drive the government’s transformational agenda forward in line with the Ghana beyond aid vision.
Mr. Ken Ofori Atta used the opportunity to appeal to Ghanaians to give the Akufo Addo led government another term in office to further implement its transformational developmental agenda.
“One good term deserves another. We deserve another term in office. The President deserves another term in office.” He said.
This budget presentation is the last one for the first term of President Akufo Addo, given the fact that Ghana has just about a year to go to the polls in December 2020.
In view of the this, the Finance Minister pledged to adequately resource the Electoral Commission to be able to carry out a credible election.
Source: Clement Akoloh/africanewsradio.com