Prime News Ghana

Full statement: 2018 Mid-Year Budget Review presented

By Maame Aba Afful
 2018 Mid-Year Budget Review presented to Parliament
2018 Mid-Year Budget Review presented to Parliament

The Finance Minister, Ken Ofori Atta has presented the 2018 Mid-year budget review to parliament on Thursday, July 19, 2018.

 This is the second time, Ken Ofori-Atta is presenting a mid-year budget review to the House since the Akufo-Addo administration took over.

Despite speculations by the Minority in Parliament that Value Added Tax(VAT) may increase from 17.5% to 21.5%, the Finance Minister allayed fears when he announced that there will be no increase in VAT as earlier projected but government will deal with existing leakages.

"I will like to advice our friends [Minority] that we should stop taking directions on economic policy from social media. VAT will be maintained at 12 and half percent," he revealed.

Mr. Ofori-Atta revealed that as a measure to accrue more revenue for the government of Ghana, "We are intensifying tax compliance measures to make sure we collect the taxes due us".

The Finance Minister has also blamed external factors for the depreciation of the cedi.

“The performance of the cedi in the 18 months under. In spite of all the strong fundamentals, we have seen the cedi come under pressure. This is primarily due to external pressures. In spite of the challenges, we have put the right measures in places to make sure that we have a robust economy”.

Read the full Statement of the Mid-year budget review below:

2018 Mid-Year Fiscal Policy Review.pdf