By Godwill Arthur-Mensah, GNA
Accra, Nov.13, GNA - The Minister of Finance, Mr Ken Ofori-Atta, has started presenting the 2020 Budget Statement and Economic Policy of Government on the floor of Parliament.
The budget focuses on building a more dynamic and stronger economy through fiscal discipline without overrunning the Budget in an election year.
It also sought to build a more inclusive society, increase capital investment to enhance infrastructural development, consolidate the macroeconomic gains and modernise the agricultural sector to ensure food security.
Resplendent in his characteristic white attire, the Finance Minister arrived on the floor of Parliament amid cheers from members of the House who had been awaiting his arrival with a lot of expectations.
The 2020 Budget aimed to continue with the government’s industrialisation drive and protect the vulnerable by creating jobs and prosperity for all Ghanaians.
The presentation of the Budget is in accordance with Article 179 of the 1992 Constitution, which requires the Government to present its financial policy plan for the next fiscal year to Parliament for consideration and subsequent approval.
It is the fourth budget of the Akufo-Addo-led administration since assuming the reins of government two and half-years ago, and marks a year since the nation exited the International Monetary Fund (IMF) programme.
The Budget seeks to promote infrastructural development, offer more relief and inspire hope for Ghanaians, further support the industrial transformation vision by enhancing partnerships with the private sector.
Mr Ofori-Atta said the year 2019 had been a good year for Ghana with the hard work of government beginning to manifest and stabilized the turbulent economy and delivered on flagship programmes.
It would also seek to consolidate government strategic initiatives such as the One-District, One-Factory (1D1F) and the National Entrepreneurship and Innovation Plan (NEIP), as well as continue the implementation of the Infrastructure for Poverty Eradication Programme (IPEP), the Free Senior High School Policy (FSHS), the Planting for Food and Jobs (PFJ) and the Nation Builders Corps (NaBCo).
The Budget sought to enhance the social partnership between Organised Labour and the Ghana Employers Association and Government, and to provide an avenue for the partners to dispassionately discuss labour related issues and find workable solutions to the country’s socio-economic challenges.
In a bid to grow the economy further, the Budget aimed at maintaining fiscal discipline without compromising fiscal consolidation and thus, outlined sustainable measures to support domestic revenue mobilisation and ensuring prudent expenditure controls.
This is expected to be achieved within the confines of the Fiscal Consolidation Law and the Fiscal Council within the framework of the Public Financial Management Act (PFMA).
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