Finance Minister Ken Ofori-Atta has asked all Ghanaians to join hands in growing the local economy to benefit all.
Presenting the 2022 budget statement in Parliament on Wednesday, November 17, he said every adult Ghanaian will have to contribute to the delivery of critical infrastructure, social services and improve lives.
This revenue mobilisation, he said, must be a collective effort and we must all contribute to make this a reality.
“A key focus of the budget fiscal consolidation to enhance debt and fiscal sustainability as we implement our economic revitalisation and transformation programme post-Covid-19 to save more lives from the Covid-19 pandemic and better the lives of Ghanaians.
“It is for this reason that Government is proposing for the consideration and approval of Parliament the revenue-enhancing and expenditure rationalisation measures in this budget.
“Indeed the approval and implementation of the measures will lead to significant fiscal adjustment from a projected fiscal deficit (including Energy IPP Payments and Finsec Clean-up cost) of 12.1% of GDP in 2021 to 7.4% in 2022, representing an adjustment of 4.7 percentage points in just one year.
“Mr. Speaker not only are we significantly bringing the fiscal deficit down, we are posting a primary surplus of 0.1% of GDP in 2022 from a negative primary balance of 4.7% in 2021.
“Mr. Speaker these measures will no doubt slow down debt accumulation and will put the debt to GDP ratio on a declining path. We expect this new paradigm shift to create the needed fiscal space to continue to support broad-based inclusive growth.
“Mr. Speaker, as a people, we are very proud of our history and heritage. We believe in our ability to be self-sustaining. After all, we are a country that became the world’s largest producer of Cocoa with farmers working on small farmlands. These farmers bring in US$2billion annually.
We believe in our capability to mobilise the resources (human, natural and domestic finances) to transform our lives. This will require that we share the burden so that every adult Ghanaian will contribute to the delivery of critical infrastructure, social services and improve lives. This revenue mobilisation must be a collective effort and we must all contribute to make this a reality.
“Mr. Speaker, the Ghana Statistical Service has completed the preliminary report on the 2021 Population and Housing Census. The Census provided useful information that will inform the effective planning and implementation of government policies.
However, the data presented also shows some trends that need to be addressed to build a more equitable society.”