The government has reduced Ghana’s debt to Gross Domestic Product (GDP) ratio from 73 percent in 2016 to 68.3 percent, Finance Minister Ken Ofori-Atta says.
The reduction represents a 4.7 percent drop in the debt to GDP ratio that was at an all-time high since the start of the 4th Republic.
The Finance Minister explained this was made possible because of government’s fiscal discipline and prudent management of the economy.
“This is the first time since 2006 that Ghana has witnessed a year-on-year reduction in GDP ratio,” he said.
Presenting the 2018 Fiscal Year Budget in Parliament Wednesday, Mr Ofori-Atta said the government has turned around the worse economy it inherited from the past regime.
“The President came with a positive mindset to inspire us all to see the invincible, feel the intangible and to achieve the impossible,” he lauded the leadership of Mr Akufo-Addo.
The Finance Minister said government’s resolve to fiscally discipline has set it on course to achieve a fiscal deficit of 6.3 percent from 9.4 percent in 2016.
Themed ‘Putting Ghana back to work,’ Mr Ofori-Atta said the 2018 budget is a build-up on the tools provided in the 2017 budget to energise the entrepreneurial spirit of Ghanaians.
He said government’s many policies designed to deliver prosperity to Ghanaians are yielding results.
The Finance Minister cited the restoration of macro-stability, renewed confidence in the economy, provision of reliable electricity supply and the real GDP growth of 7.8percent as some achievements of the government.
“A lot of has been achieved under one year that seemed impossible in eight years,” he summed up government’s work in less than 11 months in office.