Ghana’s 2020 budget will focus on industrialisation according to its Finance Minister

The 2020 budget will be laid before Parliament in November 2019.

In an interview with Graphic business, Mr Ofori-Atta explained that Ghana had gone through three years of macro-economic stability and it was now time to find interventions to boost industrialisation to sustain the transformation.

The minister said, “the type of liquidity that is required to support industrialisation will be a key element in the 2020 budget.”

He added that the budget needs to be aligned to the country’s ‘Ghana Beyond Aid’ vision and document, and the Sustainable Development Goals (SDG).

“We want the country to become a regional hub for trade and a key trade and facilitation centre.”

Tax exemptions

Mr Ofori Atta also noted that the 2020 budget would review the country’s tax exemption policy.

“We lose a lot of resources in exemptions and it’s time to straighten it out and make exemptions count. There are too many institutions and people who are benefiting but do not need to,” he said.

Revenue measures

The minister said, “we changed all the commissioners” at the Ghana Revenue Authority as part of measures to boost domestic revenue mobilization. He added that it is “expected to yield some serious results.”

“Some prosecutions will also be carried out to re-align the way in which small scale mining of gold leaves this country,” he stated.

“But in the final analysis, we all as Ghanaians need to feel the urgency of paying taxes.”

COCOBOD loan

The Finance Minister also pointed out that the cocoa syndication loan was coming at a good time for the country.

“The syndication is an annual ritual and it usually comes at a good time when traders are looking for foreign exchange and helps to support and keep our currency stable.”