Finance Minister Ken Ofori Atta on Wednesday presented the budget for the 2018 financial year to Parliament and Ghanaians.
The theme for the budget is “Putting Ghana back to work”. The minister touched on a lot of areas in the budget, including macroeconomic stability, agriculture, entrepreneurship, business growth, infrastructure, corruption among other things.
YEN.com.gh brings you six points from the Finance Minister’s presentation that will provide hope and relief to Ghanaians.
1. 100, 000 graduates will be employed in 2018
The unemployment numbers in Ghana is devastating to say the least. So the announcement that at least 100,000 graduates will be employed under the Nation Builders' Corps (NBC) is welcome.
The finance minister said it was about time the government paid close attention to resolving what has become a national canker - unemployment.
2. Electricity tariffs down by 13%
High cost of utility some thing every Ghanaian grapples with. So the news that residential and non-residential electricity consumers in the country will enjoy a 13% reduction in tariff is also good news.
3. Tax holiday for under-35 entrepreneurs
This is another great piece of news for young budding startups. The government has announced a tax holiday for Ghanaian entrepreneurs who are 35 years and below.
“A preferential tax rate of between 3 to 5 years will be granted after the tax holiday. They will also be allowed to carry forward losses for five years,” Mr Ofori Atta said.
4. Minimum wage tax scrapped
Paying of taxes is one unpleasant thing. But the good news is that the Finance Minister has announced that income tax for minimum wage earners has been abolished.
Ghana’s minimum wage currently stands at at GHc9.68 cedis, up from GHc 8.80, after the most recent increase in July 2017, set to take effect in January 2018.
5. Government to build 200K household toilets
The government of Ghana is set to provide 200,000 household toilets and 20,000 institutional latrines through the “Toilet for All” agenda in 2018.
6. Dumsor is dead
Mr. Ofori Atta also opined that ‘dumsor’ is dead. According to him the erratic power challenges known as 'dumsor' is a thing of the past.
What this means is that businesses will not have to spend more on fuel to power generators. Meaning businesses will not fold up.
"I'm happy to note that we have turned the economy around. We have achieved in one year, what seemed impossible to achieve in eight years.”
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