Finance Minister Ken Ofori-Atta says the ailing economy the Nana Addo-led government inherited from the previous Mahama-led government is bouncing back following prudent policies being pursued by the current administration.
He noted that, macro-indicators for the first half of the year are promising.
“Progressively, confidence is being restored in the economy and we are hopeful that it will be sustained. The macro-indicators for the first half of the year are pointing in the right direction. We replaced the 17.5% standard rate to a 3% flat rate. We reduced the special petroleum tax from 17.5 to 15% and abolished duties on spare parts,” he said.
Presenting the 2017 budget review to Parliament Monday, Ken Ofori-Atta however noted that, “The deficit on commitment basis is now on 10.9%, up from the previous 10.3%. In recent years, the country accumulated high debts; our debt stock increased to GhC122bn that is 1154%. We inherited a weak economy, characterized by high fiscal deficits.”
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