The expected jump of about GH¢30 billion is equivalent to 20 percent of GDP.
“Mr Speaker, total revenue and grants for 2022 is projected to rise above GHS100 billion for the first time – GH¢100.5 billion, equivalent to 20 percent of GDP up from a projected outturn of GH¢70.3 billion, equivalent to 16 percent of GDP for 2021”, Mr Ofori-Atta told parliament on Wednesday, 17 November 2021 when he presented the 2022 budget.
He added: “Domestic revenue is estimated at GH¢99.5 billion and representing an annual growth of 44 per cent over the projected outturn of 2021”.
“The increase in domestic revenue by 44 per cent”, he noted, “is as a result of the impact of a major progressive tax policy complemented by improvement in tax compliance and reforms in revenue administration that we have outlined in the budget”.
Mr Ken Ofori-Atta however said data on the performance of the economy as at the end-September 2021 indicates that the implementation of the 2021 budget is largely on track.
He said a new Medium-Term National Development Policy Framework (MTNDPF), 2022- 2025 has been drafted to guide the medium-term economic recovery and transformation for the country.
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