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We are on Course – Ken Ofori-Atta

Accra, September 7, 2017 – Mr. Ken Ofori-Atta, Minister for Finance today noted that economic policies being implemented were achieving positive results and called on the CEOs of financial institutions to reciprocate government efforts by improving credit to the private sector to support government stimulus programme to revitalize the sector.

He said they could also support the government by also providing feedback on the performance of the measures introduced to stabilize the economy saying “we believe in partnerships and collective responsibility. We want to receive feedback from you on the measures that we have implemented this year and your expectations for next year in particular”.

The Finance Minister was speaking at the first of three stakeholder consultations to solicit inputs from the citizenry on the 2018 budget statement and economic policy. In attendance were CEO’s of financial institutions and industry stakeholders. This years’ consultation is under the theme “Building Partnership for Economic Development and Growth” and is being sponsored by GIZ.

The stakeholder engagements are a platform for promoting citizens’ participation and transparency and accountability in public expenditure management. They are organized in accordance with section 21 (1) (a) of the Public Financial Management Act, 2016, Act 921, which states that “The Minister shall in consultation with the relevant stakeholders, prepare the proposed annual budget not later than 1st October of each financial year”.

Ken Ofori-Atta noted that though the macro indicators were trending in the right directions, revenues have not performed as expected and this, he attributed to the tax payers taking their time to assimilate and respond appropriately to the revenue measures in the budget statement.

“The result of all these policies is evident. We have made good progress. The macroeconomic indicators for the first half of the year are positive”, he added.

He said governments’ medium term strategy would be anchored on five key pillars, namely, restoring the economy, transforming agriculture and industry, revamping economic and social infrastructure, strengthening social protection and inclusion and reforming public service delivery institutions.

“Economic policy over the medium-term will aim at reducing the deficit, stabilizing the economy and placing it on the path of strong and resilient growth. We are committed not to derail our fiscal consolidation objectives”.

He said in addition to consolidation efforts in 2018, government would take deliberate steps to ensure that programmes were underpinned by the sustainable development goals, adding that special attention would be given to sanitation, gender and job creation. END

Source: Public Relations Unit

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