2017 budget targets 6.3% overall GDP

Government is projecting a 6.3% overall Gross Domestic Product (GDP), with an average end year inflation of 12.4% in the medium term.  

This will be attained on the back of prudent debt management strategies and elimination of wasteful expenditure. 

These were contained in the 2017 Budget and Economic Policy statement presented by the Minister of Finance, Ken Ofori Atta. 

According to him government is committed to building a business friendly and industrialised economy to create decent jobs for all 

On the Private Sector, government has outlined major policy initiatives that will stimulate growth and promote investments.  

As a first step, government says it will review and abolish taxes that it deems as nuisance. 

Key among these, are duties on the importation of spare parts and income tax paid by Kayaye.

On the Energy Sector, the Finance Minister said government will continue to increase the installed generation capacity to meet the demand for electricity.

On Railway Development, he stated that government will complete the Sekondi to Takoradi via  Kojokrom section of the railway project  started by  the  previous government.

Mr. Ken Ofori Atta mentioned plans to revive the tourism industry. These include the kick-start of marine drive tourism investment project and partnering the private sector to develop the Afua Sutherland Children Park.

The numerous challenges in the housing and rent sectors were not missing in the budget. To reduce the deficits, government plans to involve the public, especially with support from the private sector to meet the housing needs, placing priority on the financial capacity of the people.

On Agriculture, Mr. Ofori Atta said  government  intends  to modernise  the  sector by launching the  planting for food and  jobs campaign to improve productivity, achieve food security  and  profitability  for  Ghanaians.

Mr. Ken Ofori Atta said 16 billion Ghana cedis has been allocated for compensation and 3.5 billion Ghana cedis for goods and services. 

On Electricity, Mr. Ofori Atta said 241 million Ghana cedis has been budgeted for life line consumers of electricity.

On Petroleum, Mr. Ken Ofori Atta asked the House to maintain the mode of distribution of the petroleum revenue management fund. 

On Roads and Highways, the Finance Minister said despite the awards of contracts, the sector still faces huge deficits as poor quality, arrears, penalty continue to negatively affect progress in the sector. 

He said a review of projects will be carried out to bring them to sustainable levels.

GBC