By Kiki TAGOE
Government has estimated to raise GHC51 billion in total revenue and grants for the 2017 fiscal year.
According to Mr. Ken Ofori-Atta, Minister for Finance, the amount has been conservatively estimated at based on “our projection of the level of economic activity in 2018, Government’s policy on taxation and donor grant disbursements.”
Presenting the 2018 Budget to parliament in Accra last Wednesday, the Finance Minister expatiated that “total Receipts from upstream petroleum activities amount to GH¢3.2 billion and estimated at 6.2 percent of Total Revenue and Grants. This is about 1.3 percent of GDP and represents a per annum growth of 24.8 percent over the 2017 projected outturn.”
Giving further details, the Finance Minister said “Domestic Revenue is estimated at GH¢50.5 billion, representing an annual growth of 26.9 percent.”
On the other hand, “Grants from Development Partners mainly in support of projects are estimated at GH¢586.8 million, equivalent to 0.2 of GDP. We do not expect to receive any programme grants.”
Mr. Ofori-Atta also mentioned how important it is to note that as a Middle Income Country, donor resources will cease with time; therefore, there is an urgent need to boost domestic revenue mobilization.
