He described the economy under the Mahama-led government as ‘high-risk’ to foreign investors and locals.
The Finance Minister said this when he presented government's fiscal plan to Parliament on Thursday, in accordance with Article 179 of the 1992 constitution.
The budget statement which is the third of the Akufo-Addo administration addressed very pertinent issues that have arisen over the course of time.
The government's first ever budget, christened 'Asempa budget' read in March 2017 brought to life the flagship policy, Free SHS and the abolishing of taxes termed 'nuisance tax'
The second, 'Adwuma budget' read in November 2017 promised to bring about jobs and economic prosperity for Ghanaians. This led to the creation of the NaBCo programme where 100, 000 graduates are to be given 3-year employment under 7 modules.
Themed “A Stronger Economy, for Jobs and Prosperity,” this budget is the first of the Akufo-Addo administration after its exit from the IMF bailout - by the end of the this year - signed unto in 2015 by the then Mahama-led government.
Mr Ken Ofori-Atta touted the current administration's management of the economy, especially in the improvement of the macroeconomic indicators within two years after a change of government.
“A change in the management of the economy from incompetence to competence, change from rising debt to GDP ratio to declining debt to GDP ratio,”
“Change from weak banking system to better supervised system, a change from manual process of clearing goods to paperless process, a change from dumsor to reliable power, a change from lack of access due to cost of education to implementation to Free SHS, a change from cancelling teacher training allowance to restoration of teachers allowance” he said
"Our economy has changed from one with a weak banking system to a strong, well-capitalised banking system, from a rising debt to GDP rate to a declining debt to GDP rate" he added.
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