Finance Minister: Additional income streams will raise $8 billion in Ghana

Prev1 of 3
Use your ← → (arrow) keys to browse

According to Finance Minister Ken Ofori-Atta, a number of long-term policies aimed at boosting income production and subsequently solidifying fiscal consolidation should pump an estimated GH8billion into the economy next year.

Finance Minister: Additional income streams will raise $8 billion in Ghana
Finance Minister: Additional income streams will raise $8 billion in Ghana

 

This is 1.35 percent of the updated GDP estimate for 2022 of GH592 billion.

This, according to the minister, is crucial in the country’s effort to “substantially boost revenues” even as macroeconomic conditions in the country remain unfavourable and as talks with the International Monetary Fund (IMF) proceed.

During the introduction of the 2023 Budget Statement on the floor of parliament, Mr. Ofori-Atta stated that “permanent revenue measures with an estimated total yield of 1.35 percent of GDP will be brought to parliament for consideration and approval.”

The most notable change is the Value Added Tax (VAT) rate increase of 20% from 12.5 to 15 percent, which is expected to generate revenue of approximately GH2.7 billion, or nearly 33 percent of the GH8 billion total, with future adjustments to the VAT exemption regime promised.

 

Prev1 of 3
Use your ← → (arrow) keys to browse

admin

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Employment freeze details in the 2023 budget are unknown, according to the TUC Secretary General.

Tue Nov 29 , 2022
According to Dr. Yaw Baah, the secretary general of the Trades Union Congress (TUC), his organisation is unaware of the specifics of the government’s decision to halt public sector hiring as set down in the 2023 budget. He claims that the TUC is unsure if this is one of the […]
Employment freeze details in the 2023 budget are unknown, according to the TUC Secretary General.