Government will ensure that annual expenditure on salaries of public workers corresponds with efficiency, Seth Terkper has said.
The finance and economic planning minister says government by so doing will consolidate its middle income status, as the local currency will be strengthened.
This year’s budget is the first on behalf of President John Mahama since assuming office in January 7.
The budget statement was titled Sustaining Confidence in the Future of the Ghanaian Economy.
Mr Terpker said in ensuring a resilient economy, there is the need to widen the tax net to increase the general revenue of the state, stressing defaulters will be made to face the full rigours of the law.
“Tax payers will also be encouraged to file their tax returns on time and there are moves to consolidate and harmonize all tax laws”, the minister asserted.
On structural reforms, Mr Terpker revealed plans were afoot to ensure that the Single Spine Say (SSS) policy will be fully implemented in five years rather than two years as initially projected.
If all goes according to plan, Ghana’s economy is expected to grow at least 20 per cent this year, according to the minister.
Mr Terpker said government is determined to ensure inflation remained in single digits in the fiscal year.
The statement said despite a turbulent global financial environment, government was able to stabilise prices of goods and services in 2012.
Mr. Terkper was emphatic that revenue raised from airport tax would be retained by the Ghana Airport Company Limited (GACL), to enable them to raise their own resources for development.
