Government committed to bridge expenditure, revenue gap – Minister
Mr Kwaku Kwarteng, the Deputy Minister of Finance, has reiterated government commitment to expanding the economy so as to bridge the expenditure and revenue gap.
He said the country had been battling with the fiscal gap, a situation where expenditure exceeded the revenue mobilised, adding that government was working assiduously to address the phenomenon and ensure a stable macro environment.
The Deputy Minister said this in Accra at a forum dubbed: “Economic Counsellors Dialogue,” to engage the Diplomatic Community in the country to improve investment environment for investors.
He said government was focusing on expanding growth to bridge the gap and this was possible by supporting the private sector and creating conducive environment for investment.
“Government will continue to champion the cause of private sector as engine for growth in an enabling business environment which is critical for private business competitiveness and sustainable development,” he added.
Mr Kwarteng said the private sector was a catalyst for the development agenda of the country, adding that the existing cooperation between the diplomatic communities would help accelerate inclusive economic growth.
According to him, a peaceful political climate and favourable legal framework contributed significantly in trade and investment opportunities for Ghana and the Diplomatic Community, stressing that the collaboration would continue to strengthen ties for mutual benefits and economic development.
He said government was committed to creating and ensuring macroeconomic stability as demonstrated in the 2017 budget where incentives were granted to businesses in a form of tax reliefs and reduction in import duties for selected products were implemented.
Mr Yofi Grant, the Chief Executive Officer of GIPC, said the Centre was optimistic of meeting its 2018 target of registering foreign direct inflows of $10 billion, which would represent 100 per cent more than last year’s target of $5 billion.
He said the Centre had instituted the needed reforms such as the digital addressing system, paperless port project to boost trade, and paperless business registration to ensure business friendly environment for investors.
The CEO stated that, as part of the Centre’s strategic measures to increase investment potentials in the country, it was determined to transform the Centre into an Economic Development Board to be able to take decisions on key economic policies for the country.
He said government was working to create a more conducive environment that would encourage Ghanaians living abroad to invest in the economy.
Mr Grant said the government was doing this by stabilising the currency, reducing the cost of electricity and strengthening the macroeconomic fundamentals.
He called on Ghanaians living in the diaspora to engage their respective country embassies and the Centre to know more about the processes involved for them to invest back home.
Source: GNA