Finance Minister presents 2022 Budget today

The 2022 Budget Statement and Economic Policy of Government will focus primarily on reducing unemployment and expanding on the economy’s recovery from the COVID-19 pandemic, the Ministry of Finance has said.

Finance Minister, Ken Ofori-Atta has indicated that the 2022 Budget will be heavy on job creation and entrepreneurship.

Ofori-Atta has said the government is committed to putting in place those measures that will help deal with the unemployment situation in the country as well as recent challenges with the employment of fresh graduates for the public sector.

The 2022 Budget is also expected to focus heavily on fiscal consolidation, empowering the private sector to employ more and widening the tax net.

In a statement, the ministry said the Budget will also focus on import substitution, digitisation of the economy, skills development and entrepreneurship, among other points.

“In accordance with Article 179 of the 1992 constitution and Section 21 (3) of the Public Financial Management Act 2016 (Act 921), the Minister for Finance, Ken Ofori-Atta, will, on behalf of the president, lay before Parliament the 2022 Budget Statement and Economic Policy of Government on Wednesday 17 November 2021,” the ministry said.

“The Budget will primarily focus on expanding on the economy’s recovery from the COVID-19 pandemic, as well as creating a climate-friendly entrepreneurial state to address unemployment and import substitution.

“Digitalisation of the economy, skills development and entrepreneurship will also feature prominently in the presentation,” it also said.

Benchmark value policy
Many are also expecting finality on the benchmark value policy after the Ghana Revenue Authority (GRA) backtracked on its earlier decision on reviewing the policy

in a letter forwarded to the Finance Minister Ken Ofori Atta, signed by the commissioner-general, Rev. Ammishaddai Owusu-Amoah, the GRA indicated that “it has been agreed that discount on some commodities currently being enjoyed should be reversed to achieve revenue effect. To this end, 15 November 2021, is, therefore, slated for the effective date for the implementation of the removal of the benchmark values on some selected items,” the statement noted.

Source: Asaaseradio