The Minister of Finance of Ghana, Ken Ofori-Atta, has presented the government’s budget statement for 2019. Speaking on the floor of Parliament in Accra Ofori-Atta indicated that the government has set a target of 7.6% growth rate for the economy in the coming year.
In the same statement, the minister revealed that the government has targeted a single-digit inflation rate of 8.0%, a fiscal deficit of 4.2% of Gross Domestic Product (GDP), primary surplus of 1.2% of GDP and gross international reserves cover of at least 3.5 months of imports.
Compared with last year, the target indicators for 2018 were 6.8% growth for the economy, 8.9% for inflation, 4.5% fiscal deficit, 1.7% primary surplus and import cover of not less than 3.5 months.
As at September this year, the government’s data showed that real GDP grew by 5.4% in the first half of 2018 while non-oil GDP grew by 4.6%. The end-period inflation rate declined from 11.8% at the end of 2017 to 9.8%. This went down further to 9.5% by the end of October 2018.
The budget statement which was delivered under the theme: “A Stronger Economy for Jobs and Prosperity” is expected to make interventions and investments that would facilitate the building of a stronger economy for jobs and prosperity.
The finance minister particularly announced six priority areas namely: Agriculture; Industry; Infrastructure; Entrepreneurial Support; Revenue Mobilisation and Protecting the Public Purse; as well as Social Partnership where the government will focus in 2019.
