Business General

Our challenges are daunting but don’t lose hope – Ofori-Atta

Finance Minister, Ken Ofori-Atta, has urged Ghanaians to be hopeful and trust the government’s economic policies that he believes will put the country on the path to recovery.

“The challenges we face are daunting, but we must not lose sight of the greatest strength of being Ghanaian: resilience, entrepreneurial zeal, faith, courage, solidarity and hope. I, therefore, ask all of us to play a constructive role in getting our nation fully back on track.”

“Ours is a country with real prospects and the challenges notwithstanding, Ghana will rise again, and my faith is premised on the fact that a lot has already been achieved, especially over the course of the Fourth Republic and our policy, as outlined in this budget to reset the economy, if supported will ensure that, indeed, we have not wasted the current global crisis but used it to make our economy stronger and the progress and prosperity of our people even more assured.”

Mr Ofori-Atta among other things announced the increase of VAT rate by 2.5 percent to directly support Ghana’s roads and digitalization agenda.

The government will also fast–track the implementation of the Unified Property Rate Platform programme in 2023; and review the E–Levy Act and, more specifically, reduce the headline rate from 1.5% to one per cent (1%) of the transaction value as well as the removal of the daily threshold.

The budget is a constitutional exercise to be carried out by the Finance Minister on behalf of the President, Nana Addo Dankwa Akufo-Addo.

“In accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance will, on behalf of the President, lay before Parliament the 2023 Annual Budget Statement and Economic Policy of Government on Thursday, 24th November 2022,” a statement from the Finance Ministry announced.

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