Majority Chief Whip Frank Annoh-Dompreh has described the budget statement delivered yesterday by Finance Minister Ken Ofori-Attah as a ‘budget for stability, growth and roads’.
The MP for Nsawam Adoagyiri said that he was impressed by the projections and outlook delivered by the Finance Minister.
Speaking in an interview yesterday with the Daily Searchlight, Hon Annoh-Dompreh stated that he was particularly impressed by the Gold for Oil programme which has led to stability in the exchange rate.
“You must be aware that of late Ghanaians particularly traders have stopped complaining about the rate of fall of the Ghana Cedi. This has been achieved in large part by the Gold for Oil programme by the government and the Vice President,” he said.
Hon. Annoh-Dompreh stated that he was also particularly impressed by the growth targets set by the Finance Minister.
“Ghana is coming out of a world-wide recession occasioned by the Covid Pandemic and the Russia-Ukraine War. The growth targets sound modest, but we can pleasantly say that at least the economy is coming back on track with modest growth projections.
Government yesterday through the Ministry of Finance set a macroeconomic target of growing the economy by at least 2.8 percent of Gross Domestic Product (GDP) in the 2024 fiscal year.
It also intends to achieve a Non-Oil Real GDP growth target of at least 2.1 percent; End-Period inflation rate of 15.0 percent; primary balance on commitment basis of a surplus of 0.5 per cent of GDP; and Gross International Reserves to cover not less than 3 months of imports.
Hon. Annoh-Dompreh stated that the eight tax reliefs introduced by government to stimulate and sustain growth, while cushioning Ghanaians against current economic hardship, is also ‘modestly optimistic’.
Mr Ken Ofori-Atta, Finance Minister, announced the reliefs in the 2024 “Nkunim”- (Victory) budget, presented to Parliament yesterday, Wednesday, November 15.
This is in response to calls by individuals and private sector operators for the government to include policies and programmes that would maintain economic stability and ensure better living conditions in the 2024 budget.
Among others, the government in the 2024 budget, extended zero rate of Value Added Tax (VAT) on locally manufactured African prints for two more years, as well as zero rate of VAT on locally assembled vehicles for two more years.
In reaction, Hon. Annoh-Dompreh stated that the only way the economy can be ‘stimulated’ to begin groining and getting back on its feet is for the tax reliefs to begin working.
He promised Ghanaians that there would be more roads constructed in the coming financial year.
“Our outlook is positive. I am calling on Ghanaians to continue reposing confidence in our economy,” he stated.
