Cape Coast, Dec 20, GNA – Mr Yaw Osafo-Maafo, Minister of Finance and Economic Planning on Saturday said Ghana could only do away with donor support when she is able to raise enough funds from taxes and reduce domestic borrowing.
He said since the government assumed power, it has been able to consistently increase the collection of taxes as a means of resuscitating the economy.
The Minister was addressing the national annual delegates conference of the NPP at the University of Cape Coast.
More than 600 delegates, including two delegates from each of the 200 constituencies are attending the conference, which is expected to review the performance of the party and how to plan strategies for the 2004 general elections.
President J A Kufuor and Vice President Alhaji Aliu Mahama, Ministers of State and their deputies, top party hierarchy and functionaries are attending the conference. Mr Osafo-Maafo said in 1999, revenue realised was 3.3 trillion cedis, 2001, 4.4 trillion cedis, 8.56 trillion cedis in 2002 and 12.5 trillion cedis.
In 2003. He said the Finance Minister said this showed that the country was gradually gaining grounds as a result of good structures put in place by the government.
He said the country was on the right track of solving her financial problems, and mentioned the reduction of interest on loans and inflation as some of the achievements.
Mr Osafo-Maafo said to date, the government had received about 92 per cent of pledges for this year by donor countries and attributed this to the confidence the donors had in the government.
He said although there had been some shortfalls in the management of the economy, a lot had been achieved and this had won the confidence of the international community.
The Finance Minister said the government did not contract any domestic borrowing, and had paid greater part of arrears of the District Assembly Common Fund (DACF) and the GetFund.
Mr Osafo-Maafo stressed that Ghana had immensely benefited from the HIPC Initiative and said those who criticize it, only do so because they did not want to appreciate what is good for the country.
Source: GhanaWeb
