Mr Ken Ofori-Atta, the Minister of Finance, has pledged government commitment to working within the 2020 appropriated resource envelop and adhere to the Fiscal Responsibility Act to maintain fiscal discipline.
Mr Ofori-Atta said government would ensure that the perennial excessive spending during previous elections would be prevented in 2020 elections to build confidence among Ghanaians.
“We will consolidate our macroeconomic gains and offer businesses and households the predictability and stability that they need to manage their lives,” he said.
The Minister said this in Parliament on Wednesday when presenting the Budget Statement and Economic Policy for the year 2020.
He said the country had developed an integrated institutional framework for the implementation of the Sustainable Development Goal, (SDGs) from the national to the sub-national levels.
“The SDGs have been embedded in the President’s Coordinated Programme for Economic and Social Development Policies, national policies and objectives of the government’s flagship programmes,” he said.
Touching on the macro economy, the Minister said from 2018 and 2019, Ghana had been amongst the fastest growing economies in the world.
He explained that the country’s non-oil Gross Domestic Product had increased from 4.6 per cent in 2016 to 6.5 per cent in 2018 and was projected to reach 6.0 per cent in 2019 and 6.7 per cent in 2020.
He attributed the increased economic growth to an increase in agricultural and industrial output.
“As a result of the successful Planting for Food and Jobs (PFJ) Programme, Agricultural GDP growth has increased from 2.9 per cent in 2016 to 4.8 per cent in 2018 and projected to reach 6.4 per cent ending 2019”.
He said Ghana had not imported maize in the last two years due to successful PFJ, adding that the industry had seen a recovery with growth increasing from 4.3 per cent in 2016 to 10.6 per cent in 2018, and projected to grow by 8.8 per cent ending 2019.
Mr Ofori-Atta said the fiscal deficit on cash basis had significantly fallen from 6.5 per cent of GDP in 2016 to 4.5 per cent in September 2019.
“For the first time in a decade, Ghana recorded primary surpluses, where the country’s tax revenues exceeded all government spending, excluding debt service payments for two years in a row”.