7 critical things you need to need to know about the 2018 budget

7 critical things you need to need to know about the 2018 budget

Finance minister, Ken Ofori Attah, will be presenting the 2018 on the floor of parliament. Prior to the much-awaited budget presentation, industry players have shared similar sentiments on their expectations from the budget.

7 critical things you need to need to know about the 2018 budget

7 critical things you need to need to know about the 2018 budget

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So far, the leading concerns raised have been the high-interest rates that banks lend to clients and also the cost of doing business in the country.

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Be it all as it may, Ghanaians like you and I have the right some key issues about the budget that will definitely affect us.

1. Job Creation

President of the republic, Nana Akufo-Addo, has revealed that the 2018 budget will center on job creation and nothing else. As we speak, over 40 percent of university graduates are without jobs but Nana Addo says this is will be a thing of the past.

2. Increase number of persons who pay taxes

Finance minister says the budget will be aimed at finding best ways to widen the tax net. Currently, over 2 million Ghanaians pay taxes with millions more not covered by the tax net but Ken Ofori Attah says now is the time to get more people to pay their taxes.

3.Special fund for young entrepreneurs

The 2018 budget also seeks for the interest of young entrepreneurs in the country. Minister for business development, Muhammed Awal has revealed to YEN.com.gh that the 2018 will have some space for young entrepreneurs through special funding.

4. IMF programme

It has been said that this 2018 budget is kind of an "IMF budget" and that all preparations in the budget are aimed at meeting the fiscal targets of the International Monetary Fund (IMF). The program of the IMF continues until December 2018 and so it won't be a surprise for the Budget to be filled by directions of the IMF.

5. Reducing expenditure

The government says it is very concerned about the issue of public expenditure and debts. The government intends to keep a tight ship with regards to its discretionary spending too. Capital expenditure is planned to fall, in relative terms, from 3.6% of GDP to 3.3%, while its expenditure on goods and services is to fall from 1.7% of GDP to 1.2%.

6. Donor support

It is the dream of Nana Addo to see Ghana wean itself from aid and grants. By this, the finance minister, Ken Ofori Attah could be revealing ways by which government aims at increasing production and raising revenues in the country.

7. Electricity prices

One thing on the minds of Ghanaians is whether the 2018 budget will determine the cost of power. Well, president Akufo-Addo has assured that this budget will also focus on reducing the cost of electricity for both industrial and residential users.

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Source: Yen.com.gh

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