Finance Minister Ken Ofori-Atta believes the performance of Ghana’s economy has been remarkable, and has insisted it could be even better if the public pay their taxes.
According to him, the Akufo-Addo government has transformed the economy in its one year in office.
Speaking at a media engagement on Monday, the Minister said one blip has been the non-payment of taxes by citizens.
This, he said, has led to a depressing VAT penetration rate of 11%.
“Individuals are not paying their taxes. If that nice suited gentleman says I am not feeling it in my pocket ask the person whether he has even filed his income tax before,” Mr. Ofori-Atta asserted.
He further commended government for reducing Ghana’s inflation rate, as well as improving the country’s GDP.
He described the country’s economic turn in fortunes as a “remarkable story” that must be appreciated by all.
“The question that we should ask is how can you inherit a budget deficit of 9.3% of GDP, proceed to reduce taxes at a cost of 1 billion cedis, bring down inflation, bring down interest rate, increase economic growth from 3.6 to 8% plus increase your international reserves to over 7 billion; maintain relative exchange rate stability, reduce debt to GDP ratio and the rate of debt accumulation,” the Finance Minister stated.
He added that government has paid “almost half of arrears inherited; stay current on obligations to statutory funds; restore teacher training and nursing allowances, double capitation grant, implement free SHS and yet reduce the deficit from 9.3% to 6.3%.”
Meanwhile, the Member of Parliament for Bolgatanga Central, Albert Adongo, has described the Nana Addo government as “confused.”
According to him, the figures put out by the Finance Minister contradict that which was churned out by the President when he addressed US state governors.
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