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‘Government remains strongly committed to growing the economy’

By
Christabel Addo, GNA
      

Accra, July 31, GNA –
Mr Ken Ofori Atta, the Finance Minister, on Monday said despite the measures
being taken to maintain fiscal discipline, government will strongly forge ahead
to growing the economy and deliver services to strategic allocations through
efficient use of resources.

He said its flagship
programmes such as the Free Senior High School Policy, National Health
Insurance Scheme (NHIS), School Feeding, the Livelihood Empowerment against
Poverty (LEAP), and the Planting for Food and Jobs, would be protected.

Mr Ofori Atta said
this when he presented the Mid-Year Fiscal Policy Review of the 2017 Budget
Statement and Economic Policy to Parliament on Monday.    

He said Ghana’s total
Revenue and Grants had been revised downwards by 0.9 per cent of the Gross
Domestic Product (GDP) from GH¢44.5 billion to GH¢43.1 billion.

He said the revision
emanated from revisions made to Corporate Income Tax, Import Value Added Tax,
Import Duty, as well as the reclassification of expected non-tax revenue
inflows from the sale of government shares of GH¢500 million as financing.

The total Expenditure,
he said, had also been revised downwards by 1.1 per cent of GDP from GH¢58.1
billion to GH¢55.9 billion.

Mr Ofori-Atta said the
key revisions to expenditures include: 0.4 per cent of GDP (GH¢867.0 million)
adjustment to Goods and Services; 0.3 per cent of GDP (GH¢553.2 million)
reduction in total transfers to Other Government Units, which comprise all
statutory and earmarked funds; and 0.3 per cent of GDP (GH¢683.0 million)
adjustment to Capital Expenditure.

He said
notwithstanding the expenditure cuts, key Infrastructure for Poverty
Eradication programmes such as the One District, One Factory; One Village, One
Dam; Small Business Development; Agricultural Infrastructure; Water for All and
Sanitation Projects would take off before the end of the year.

GNA

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