Ghana aims to reduce its budget deficit to 6.5 per cent of gross domestic product in 2017 from 8.7 per cent on a cash basis last year, Finance Minister Ken Ofori-Atta told parliament on Thursday in the annual budget.
The government aims to reduce inflation to 11.2 per cent by the end of 2017 from 13.3 per cent in January and forecast GDP growth in the 40 billion dollars economy at 6.3 percent in 2017, Ofori-Atta said in his first budget.
“The budget will set the pace for job creation and accelerate growth by encouraging the private sector,” Ofori-Atta said.
“We will shift the focus of economic management from taxation to production. This will reduce the cost of doing business.”
The New Patriotic Party took power in January, following a sweeping election victory and has promised to stabilise Ghana’s finances, cut taxes, restore growth and create jobs in a country that produces gold, oil and cocoa.
It inherited an economy in worse shape than it expected and said it would review the terms of a 918-million programme with the International Monetary Fund that has so far failed to meet most of its targets for restoring macroeconomic stability.
