By
Godwill Arthur-Mensah, GNA
Accra, Nov.13, GNA –
The Minister of Finance, Mr Ken Ofori-Atta, has started presenting the 2020
Budget Statement and Economic Policy of Government on the floor of Parliament.
The budget focuses
on building a more dynamic and stronger economy through fiscal discipline
without overrunning the Budget in an election year.
It also sought to
build a more inclusive society, increase capital investment to enhance
infrastructural development, consolidate the macroeconomic gains and modernise
the agricultural sector to ensure food security.
Resplendent in his
characteristic white attire, the Finance Minister arrived on the floor of
Parliament amid cheers from members of the House who had been awaiting his
arrival with a lot of expectations.
The 2020 Budget
aimed to continue with the government’s industrialisation drive and protect the
vulnerable by creating jobs and prosperity for all Ghanaians.
The presentation of
the Budget is in accordance with Article 179 of the 1992 Constitution, which
requires the Government to present its financial policy plan for the next
fiscal year to Parliament for consideration and subsequent approval.
It is the fourth
budget of the Akufo-Addo-led administration since assuming the reins of
government two and half-years ago, and marks a year since the nation exited the
International Monetary Fund (IMF) programme.
The Budget seeks to
promote infrastructural development, offer more relief and inspire hope for
Ghanaians, further support the industrial transformation vision by enhancing
partnerships with the private sector.
Mr Ofori-Atta said
the year 2019 had been a good year for Ghana with the hard work of government
beginning to manifest and stabilized the turbulent economy and delivered on
flagship programmes.
It would also seek
to consolidate government strategic initiatives such as the One-District,
One-Factory (1D1F) and the National Entrepreneurship and Innovation Plan
(NEIP), as well as continue the implementation of the Infrastructure for
Poverty Eradication Programme (IPEP), the Free Senior High School Policy
(FSHS), the Planting for Food and Jobs (PFJ) and the Nation Builders Corps
(NaBCo).
The Budget sought to
enhance the social partnership between Organised Labour and the Ghana Employers
Association and Government, and to provide an avenue for the partners to
dispassionately discuss labour related issues and find workable solutions to
the country’s socio-economic challenges.
In a bid to grow the
economy further, the Budget aimed at maintaining fiscal discipline without
compromising fiscal consolidation and thus, outlined sustainable measures to
support domestic revenue mobilisation and ensuring prudent expenditure
controls.
This is expected to
be achieved within the confines of the Fiscal Consolidation Law and the Fiscal
Council within the framework of the Public Financial Management Act (PFMA).
GNA
