GH2019budget:Ghana’s economy moved from incompetence to competence

Finance Minister, Ken Ofori-Atta has said the Akufo-Addo-led government has changed the management of Ghana’s economy from incompetence to competence.

The Finance Minister reading the 2019 budget in Parliament said the economy under the NDC administration suffered massively but his government have been able to transform that.

He also hinted that Ghana is on course to exiting the IMF.

“There is evidence of macroeconomic discipline that was lacking in previous years.”

“There has been a declining economic growth from 14 in 2014 to 3.4% in 2016; rising unemployment which led to the formation of the Graduate Unemployed Association.”

“Fiscal deficit was 9.6 % with a debt to GDP ratio at 73.1%. There were weak and unstable banking systems. Ghanaian businesses were working to pay electricity bills and diesel because of the dumsor. In under two years, we have changed some of these things.”

“A change in the management of the economy from incompetence to competence; a change from macroeconomic instability to stability; change from a weak banking system to a more stable banking; change from a manual process at the ports with its attendant corruption to electronic process; a change from dumsor to that of power; a change from sole sourcing to competitive bidding which has saved the country billions of cedis. A change from graduate unemployment to employment with the NABCO programme; a change from a dead colonial railway sector.”

“We have implemented the following policies: abolished excise duty on Petroleum, reduced Special Petroleum Tax, abolished Special Import Levy. These policies and many others are pointing to a stable economy.”

“Economic Growth which declined to 3.4% in 2016 is now 8.5% in October 2018.”

“The government is on course and we shall not return to Egypt,” he says.