Budget will “bring relief”- MP

March 2, 2017
Source: Eugene Davis/thebftonline.com/Ghana
Budget will “bring relief”- MP

The Deputy Majority Whip, Matthew Nyidam has lauded government’s maiden budget as the most “practicable and implementable” budget which has proposed several tax reliefs and other incentives for businesses to boost growth.

Delivering his inaugural budget statement, Finance Minister Ken Ofori-Atta told parliament on Thursday in the annual budget, that government will aim to reduce its budget deficit to 6.5 percent of gross domestic product in 2017 from 8.7 percent on a cash basis last year, and according to Hon.Nyidam, it bodes well for the economy.

He further stated that the provisions in the budget remains unprecedented and that government intends to create a business friendly environment.

“It is a budget that will be business friendly, we are going to make the private sector the centre of development in Ghana. If you look at the policies that he outlined, as a country we will be turning 60 very soon, we need a paradigm shift in this country, where the youth in this country will know where they are going to.

Everybody in this country should know that this is where we are heading to, like the 1percent [Special Import Levy, 17.5 percent VAT/NHIL on financial services] these things were not business friendly and we are abolishing it, we are bringing it[17.5 percent VAT/NHIL] to 3percent, these are things that are going to promote businesses. We also looking at how we can negotiate to bring down some other policies to promote export and import, very soon it will be practicable.”he told B&FT in an interview.

According to Hon.Nyidam, who is also the Member of Parliament for Kpandai, government is committed to protect the public purse and reckons proposals to combat corruption and block the leakages is a step in the right direction.

“We will make sure that we protect the public purse and make sure that funds do not go out anyhow, like President Akufo-Addo stated, we are talking about sole sourcing where individuals carry billions of dollars and there is no competitor, at the end of the day when the project takes off, people make unwarranted monies from it, let’s subject it to competitive bidding…

If this budget cannot save us, then I doubt the kind of budget that will” he concluded.