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"Policies Being Implemented Will Help Address Economical Challenges" - John Kumah

Deputy Minister for Finance, John Kumah says he is confident that all policies and strategies being implemented and explored by the Akufo-Addo government will help address the economic challenges facing the country.


This, he said, is one of the focus of the 2023 budget.


Speaking at a Stakeholder Engagement in Accra on Friday, he said "Government is confident that the policies and strategies being implemented and explored will help address the economic challenges we face"


He added that as gov't makes submissions and propose recommendation the reparation of the 2023 budget, the citizenry must be guided by the focus areas of government for the ensuing fiscal year and the medium-term.


"Government will restore and sustain macroeconomic stability, ensure durable and inclusive growth and promote social protection, maximize revenue mobilisation efforts by widening the tax net and enforce compliance measures and vigorously pursuing the digitalisation agenda to minimise revenue leakages.


He added that government will introduce efficiency measures in the use of public funds by reducing duplication of functions among covered entities and reducing waste.


"It is my believe that you will come up with suggestions, recommendations and proposals that will enrich the 2023 budget"


"As a Government, we believe in the culture of governance that promotes the principles of transparency and accountability and therefore these engagements enrich the budgeting process and moves us a step closer to achieving these principles"


The Deputy Minister stressed that the Ministry of Finance over the years have been exploring avenues of deepening citizen participation in the budgeting process in a bid to ensure that we achieve inclusive growth.


"In fact, there are several engagements that have and continue to take place in different forms and with diverse stakeholders at various stages of the budgeting process. Therefore, let me assure you that these engagements are taken with the utmost seriousness that it deserves"


"Our commitment to this process is even more enforced in these times of macroeconomic turbulence. Ladies and Gentlemen, our economy, just as many other developing and emerging economies, is still managing the pressures posed by the current global and domestic challenges such as revenues are underperforming; and some critical expenditures are rising amid general rising cost of living"


"Increasing debt service (growing interest payments resulting from exchange rate differentiation); and rising cost of compensation payments resulting from the introduction of COLA.?"


Stressing on the harsh realities, he noted revenue projections for 2023 are still on the low, however, Government is investing in the necessary infrastructure to boost domestic revenue generation.

 

"Ladies and Gentlemen, we need as a country to forge together on this rebuilding path. We need to pay our taxes to enable government mobilise enough revenue to implement planned programmes especially the provision social safety nets for the poor and vulnerable.


"We need to support and monitor the implementation of government programmes and projects and provide feedback. We need to consume made-in-Ghana goods and services to boost local production and productivity. We need to put the country first in our day-to-day activities among others"


On his part, Chief Director, Ministry of Finance, Dr. Patrick Nomo said "The Annual Budget is a major policy tool for determination of national priorities, programmes categorisation, resource allocation and accountability"


He also explained that the budget process therefore makes room for engagement of stakeholders across a broad spectrum of Ghanaians.


This, he, indicated provides opportunity to obtain perspectives and insights that can only emanate from a collective national representation.


Below are some pictures:


Story by: Joshua Kwabena Smith

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