2020 Budget: No new tax imposition

The Finance Minister, Mr Ken Ofori-Atta on Wednesday presented the 2020 Budget Statement and Economic Policy without imposition of new taxes on businesses.

He announced that a National Development Bank and an Enterprise Credit Scheme would be established to provide finance to industry, businesses, mortgage and entrepreneurs.

The 2020 Budget, christened: “Nkosuo and Nkabom Budget” seeks to invest in infrastructural development such as roads, health and education facilities, and strengthen partnerships with labour, employers and faith-based organizations.

Mr Ofori-Atta, while presenting the 2020 Budget Statement and Economic Policy to Parliament in Accra, said government had moved from taxation to production and would consolidate the macroeconomic gains for economic growth, job and wealth creation.

More so, government would spend within the budget envelop and avoid the perennial excessive overspending in the past and comply with the five per cent threshold set out the Fiscal Responsibility Act despite being an election.

“Fellow Ghanaians, we must go forward together to break disunity and poverty with a rod of iron. Let us go forth with a Spirit of power, love and self-discipline.

“The 2020 budget assures us of a state and peaceful year in which there are no taxes, our roads will be built, we shall strengthen partnerships with Labour, Employers and Faith-based Organisations,” Mr Ofori-Atta assured.

Mr Ofori-Atta said government was putting together a comprehensive programme to harness growth of foreign direct investment, become a business, financial and logistics hub and make Ghana a gateway to business in West Africa.

The government has projected GH¢67.1 billion revenue mobilisation next year.

Source: GNA