2018 Budget: ‘Economy to grow by 6.8%’ but Minority insists these are ‘unreliable promises’

Finance Minister, Mr Ken Ofori-Atta, has announced that government intends to grow Ghana’s economy by 6.8 percent in 2018.

According to him, the figure represents a 0.5 percent increase, compared to 2017 which was pegged at 6.3 percent.

The minister made the announcement on the floor of Parliament, whilst presenting the government’s budget and policy statement for 2018.

He hinted that government has targeted “an overall GDP growth rate of 6.8 percent, with non-oil GDP growth rate of 5.4 percent.”

“Our prime focus is to ensure that the fiscal deficit, which remains our principal fiscal anchor, continues on a downward trajectory, reaching 4.5 percent of GDP from the projected 2017 end-year estimate of 6.3 percent,” he added.

Inflation

On inflation, Mr Ofori-Atta explained that government was targeting an end-of-year inflation rate of 8.0 percent, lower than the 11.2 percent targeted in 2017.

Currently, inflation rate as at October stood at 11.6 percent, the finance minister announced.

He was however, hopeful the fiscal deficit of the country may stabilise below 5 percent of GDP, as government puts in all the macroeconomic measures to grow the economy.

“Achieving this objective is not only critical, but necessary if we are to maintain the healthy primary balance surplus required to eventually reduce the rate of debt accumulation,” he reiterated.

Source: GhanaWeb

You may like

Black Queens Eye Redemption Against South Africa in WAFCON Bronze Battle

Govt Contracts Will Be Awarded In Ghana cedis Only – Finance Minister

2025 Mid-year Budget Review: Ghana on the Path to Recovery – Finance Minister

2025 Mid-year Budget Review: Ghana to Deploy AI at Ports to Curb Revenue Leakages – Finance Minister

Ghana Immigration Nabs 50 Nigerians in McCarthy Hills Over Human Trafficking and Cybercrime

“Ghost Names Will No Longer Haunt Us” – Finance Minister Declares War on Payroll Fraud

Public notice

Mobile applications

Our mobile app is optimized for your phone. Download it for free!

Connect With Us

© 2025, dailypost | All Rights Reserved.
WP Radio
WP Radio
OFFLINE LIVE