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Ghana aims to narrow budget deficit to 6.5 pct in 2017 -budget speech

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Ghana aims to reduce its budget deficit to 6.5 percent of gross domestic product in 2017 from 8.7 percent on a cash basis last year, Finance Minister Ken Ofori-Atta told parliament on Thursday in the annual budget.Image result for Ghana
The government aims to reduce inflation to 11.2 percent by the end of 2017 from 13.3 percent in January and forecast GDP growth in the $40 billion economy at 6.3 percent in 2017, Ofori-Atta said in his first budget.
“The budget will set the pace for job creation and accelerate growth by encouraging the private sector,” Ofori-Atta said.
“We will shift the focus of economic management from taxation to production. This will reduce the cost of doing business.”
The New Patriotic Party took power in January following a sweeping election victory and has promised to stabilise Ghana’s finances, cut taxes, restore growth and create jobs in a country that produces gold, oil and cocoa.
It inherited an economy in worse shape than it expected and said it would review the terms of a $918-million programme with the International Monetary Fund that has so far failed to meet most of its targets for restoring macroeconomic stability.
© Reuters News

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