Finance Minister, Ken Ofori-Atta has assured the country that President Akufo-Addo-led government is doing everything possible to bring the economy back to pre-pandemic levels.
Presenting Ghana’s 2022 Budget to parliament, the Minister explained that the measures implemented by the government to save lives and livelihoods during the heat of the pandemic have worsened the country’s public debt stock and budget deficit.
“The fiscal policies implemented to provide relief during the pandemic have led to an increase in total public debt. The situation was made worse by the drop in revenue loss last year. Total revenue in 2020 fell by 11.9 billion, equivalent to 3.1 percent of GDP whiles total expenditure increased by 14.08 billion equivalent to 3.7 percent of GDP.”
Irrespective of the situation, Ken Ofori Atta noted that the government is giving the assurance that measures are being put in place to reverse the trend.
“Let me assure the house that we are working hard to get back to pre-pandemic fiscal and debt trajectory,” he assured.
A statement ahead of the budget presentation by the Finance Ministry said:” The Budget will primarily focus on expanding on the economy’s recovery from the COVID-19 pandemic, as well as creating a climate-friendly entrepreneurial state to address unemployment and import substitution.
“Digitalisation of the economy, skills development and entrepreneurship will also feature prominently in the presentation”.
