Finance Minister Ken Ofori-Atta has emphasized in the reading of the mid-year budget in parliament that the government is managing the finances of the country with discipline and competence to save the taxpayer’s money in the national purse.
He said the fiscal operation of government from the period January to June 2021 indicates the overall deficit was GHC 22.32 billion, which is equivalent to 5.1% of Gross Domestic Products(GDP).
Mr Ofori-Atta said the corresponding primary balance for the period was a deficit of GHC 7.3 billion, which is equivalent to 1.7% percent of GDP against the target of GHC 4.8 billion or 1.1% of GDP.
He assured that government will continue to pursue a fiscal consultation agenda to make sure that they stay within the corporation given by parliament.
Mr Ofori-Atta pointed out that, notwithstanding the country’s elevated debt levels as a result of the effect of COVID-19 on the economy, inflation rate is lower than that of 2016.
He reported that “the country’s interest rate and exchange rate has been lower than it was in 2016.
“The country’s foreign exchange reserves are higher than they were in the year 2016. And we did not have to build an interchange for the price of three”.
He reported this on the floor of parliament during his mid year budget reading on Thursday, July 29.