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Ken Ofori-Attah reads 2017 budget statement today

By: Fred Yaw Sarpong
sarpong007@gmail.com

Mr. Ken Ofori-Atta, the Minister for Finance will present the 2017 Budget Statement and Economic Policy of the government to Parliament today Thursday 2 March, 2017.

The 2017 budget statement will be the first economic statement of the current government, under President Nana Akufo-Addo after he was sworn in as the President on January 7, 2017.

Mr. Ofori-Atta presents the budget on behalf of the President, through Parliament to the people of Ghana. It will be the full year Budget Statement and Economic Policy for 2017.

The 2017 budget statement expected to outline the government’s total expenditure for the year and as well as revenue it expected to generate during the period. The budget will also show how much the country will be getting from donor partners especially in support of various MMDAs.

Even though this government took over the management of the economy this year, it’s expected that the 2017 budget statement will highlight the revenue and expenditure for last year.

Mr. Ofori-Atta will also announce various budgets for metropolitan, municipal and district assemblies (MMDAs).

Government, through 2017 budget statement will announce measures to reduce import duties on spare parts, to indicate how the government will raise funds to finance the implantation of Free SHS, restoration of the teacher training and nurses allowances, and abolitions of kayayei taxes,

Ghanaians are also expected to hear how the government is going to finance and establish or coordinate the one-district-one-factory policy, the one-village-one-dam within the regions in the northern part of the country, one million US dollars per constituency, establishment of the northern, middle belt and coastal development funds, establishment of the Zongo development and inner cities fund and many others.

This government is also expected to scrap energy levy bills and VAT on electricity and also to introduce VAT from 17.5% to 3% VAT on micro and small businesses as promised by the President Akufo-Addo , Vice President Dr. Mahamudu Bawumia and the NPP party during the 2016 campaign.

Meanwhile, the Minister will hold a post budget briefing on the 2017 budget statement on Saturday 4 March, 2017 to inform the media the key component of the budget.

The post budget briefing will afford the media the opportunity to engage the new Finance Minister on some economic measures put in place for the first time.

Meanwhile, a statement from the finance ministry states that the 2017 Budget is expected to focus on stimulating growth and job creation through private sector development. It will aim at getting Ghana working again.

“The Budget will include measures to restore fiscal discipline and good economic governance, transparent and accountable use of public resources in accordance with the new Public Financial management law and to provide a credible basis for economic policy clarity going forward,” it added.

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