Alan Kyerematen: 2021 budget designed to lift Ghana out of challenges imposed by COVID-19

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According to Alan Kyerematen, the Trade Minister,  the 2021 budget statement presented by Osei Kyei Mensah Bonsu, the Leader of Government Business, gives clear strategy that is designed to lift this nation out of the various challenges imposed on Ghanaians by COVID-19.

Alan Kyerematen, in a brief statement, said “Yesterday in Parliament, we witnessed the presentation of a clear strategy that is designed to lift this nation out of the various challenges imposed on us by the COVID-19.

“The Akufo-Addo led Government in 2021 will continue restoring economic fundamentals, building industries and creating jobs to ensure ‘cash-for-the-people’ thereby improving the livelihood of Ghanaians.

“Hon. Osei Kyei-Mensah-Bonsu did a good job presenting the 2021 budget and economic statement and deserves to be applauded.”

In the 2021 budget statement, the government is proposing the introduction of a Covid-19 Health Levy of a one percentage point increase in the National Health Insurance Levy and a one percentage point increase in the VAT Flat Rate to support expenditures related to Covid-19.

Mr Kyei Mensah Bonsu said “To provide the requisite resources to address these challenges and fund these activities, government is proposing the introduction of a Covid-19 Health Levy of a one percentage point increase in the National Health Insurance Levy and a one percentage point increase in the VAT Flat Rate to support expenditures related to Covid-19.”

The budget, regarding other sectors of the economy, pegged Ghana’s fiscal deficit at 13.7 per cent of Gross Domestic Product (GDP).

According to the budget, this deficit includes the cost of the financial sector cleanup up.

“The fiscal deficit including the financial sector cost for 2020 is 13 .7 per cent of GDP,” the budget said adding that “it was financed from both domestic and external sources.”

The budget, regarding Ghana’s debt stock, said the debt rose from 122billion in 2019 to 291.6billion as at the end of December 2020.

 

 

 

 

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