The Government under President Akufo-Addo in 2017 chalked an historic feat in the macroeconomic sector by achieving its Fiscal Deficit Target.
This is the first since 2006.
A visibly elated Dr. Alhaji Mahamudu Bawumia said the achievement was historic, expressing gratitude to government appointees for their diligence.
The Government created fiscal space by capping of earmarked funds to 25% of government revenue and realigning expenditures to government priorities, the Vice President of the Republic, Dr. Bawumia, disclosed at the opening of the 2018 New Year School and Conference at the University of Ghana, Legon on Monday, January 15, 2018.
“No government has been able to do this even though many have expressed the intent to,” the Vice President noted in relation to the capping initiative.
According to him, the government stayed current and focused on payments to statutory funds such as GETFund, NHIS, DACF, SSNIT, Road Fund in 2017 while paying arrears inherited from the previous Mahama administration.
He added that the government also validated arrears inherited for the Statutory Funds, Capex, Compensation, and goods and services at the end of 2016 which amounted to GH¢3.1 billion. About two-thirds of the total arrears was statutory, adding out of the total, the government has paid GH¢1.45 billion in 2017.
“In fact, in just one year we have paid almost half of the arrears accumulated by the NDC government while staying current on existing obligations,” Dr. Bawumia emphasized.
He further added, “it was in this regard that I find it amusing that some latter day saints are asking government to pay arrears owed to contractors after recklessly accumulating the arrears in the first place and not paying it themselves.”
The 69th edition of the New Year School and Conference is under the theme: “Job Creation for Accelerated National Development: The Role of the Private Sector” and is scheduled to end Friday, January 19, 2018.