Busola AroOn Thursday, Nana Akufo-Addo, President of Ghana, presented a draft of the 2023 budget to the parliament.
“The overall budget balance to be financed is a fiscal deficit of GH¢61,475 million, equivalent to 7.7 percent of GDP. The corresponding primary balance is a deficit of GH¢8,925 million, equivalent to 1.1 percent of GDP,” he added.To meet the goal of aggressively mobilising domestic revenue, Akufo-Addo said t
Akufo-Addo added that there would be a review of the e-levy act and more specifically, reduce the headline rate from 1.5 percent to 1 percent of the transaction value as well as removal of the daily threshold.To boost local productive capacity, Akufo-Addo, intends to cut importation by public sector institutions by 50 percent.
Also, newly formed domestic industries will be allowed produce goods locally and encourage competition and exports, he said.locally produced rice, poultry, vegetable oil and fruit juices, and ceramic tiles among others.foreign currency support for importers of “non-critical goods”.Ghana also seeks to reduce specific expenditures by the ministries, departments and agencies as well as other political appointments effective from To January 2023.
Also, measures on rationalised expenditure include a ban on the use of V8s/V6s or its equivalent except for cross-country travel. All government vehicles would be registered with GV green number plates.“Limited budgetary allocation for the purchase of vehicles. For the avoidance of doubt, purchase of new vehicles shall be restricted to locally assembled vehicles,” he added.
Their budget is less than Lagos budget of about $4bn. We too hype this ghana.