The Minister of Finance, Ken Ofori-Atta has said the Akufo-Addo administration is not introducing any new taxes in the 2020 fiscal year instead, the government will boost revenue collection to enable it to meet revenue targets.
Presenting the 2020 Budget to Parliament on Wednesday, Ken Ofori-Atta, said government would restructure the tax system and develop a comprehensive revenue policy and strategy to address the challenges of revenue mobilization.
The Finance Minister indicated that government will work with the existing tax systems to meet its revenue targets, contrary to the view of the opposition that the 2020 budget was going to contain a myriad of new taxes.
“We will take a radical policy and institutional reforms towards raising our tax-to-GDP ratio over the medium term from under 13 percent currently to around 20 percent. The focus will be on efficiency and base-broadening rather than imposing new taxes on our people and businesses. This way, we can raise our domestic contribution to our ambitious transformation agenda, in line with the Ghana Beyond Aid vision.”
“Mr. Speaker as you can see, we have not imposed any new taxes” he added.
Describing 2019 as “a very good year for Ghana,” Ken Ofori-Atta indicated such results was evident in the growth recorded in the various sectors of the economy.
“2019 has been a very good year for Ghana. God’s blessings of our hard work are beginning to manifest…We have quietly but incontestable, achieved significant structural changes for the country. We have delivered on our flagship programs. The gains made so far are significant and indeed to the glory of God. On May 1, 2017, I had the opportunity to present the budget statement to this House. The economy was in bad shape. Growth in agriculture was slowing…unemployment was rising and businesses and households were working mainly to pay bills.”
The Finance Minister continued:
“I say so because we have won some painful but necessary battles for God and country. We have stabilised the micro economic turbulence that was all too regular a feature in the management of the national economy. We have delivered on our flagship program. The Gains made so far are significant and it is indeed to the glory of God”.