The Chief Executive Officer of the AGI, Seth Twum-Akwaboah, held that the government was careful not to introduce new taxes or policies with the potential to ruffle the market and create instability.
Pointing to what the government did in the mid-year review of the 2018 budget, where “ lots of different taxes were introduced,” he said, “this time you could see the Government maintained most of the things that are already in the system.”
Speaking on JoyNews’ PM Express Thursday, he cited the stable microeconomic environment and government's efforts through the new budget to keep the indicators at reasonable levels, to buttress his point.
“At the microeconomic level, you could see that there was an effort to consolidate whatever gains we have made. If you track the trend we are having good stability in the microeconomic environment: cedi depreciation has been within a reasonable range, inflation has been dropping, the policy rate has been coming down and so, at the micro-level, there has been a lot of improvements,” Twum-Akwaboah pointed out.
“As a result of us introducing the necessary combination of focus, discipline, integrity, creativity, compassion and competence, in just 32 months in office, Mr. Speaker, the Lord has blessed our efforts. The economy has seen miraculous turnaround, moving now in the right direction,” he told Parliament Wednesday.
Pointing to the gains he said, “the economic growth rate has doubled under President Akufo-Addo, rebounding strongly from 3.4 per cent in2016 (the lowest GDP growth rate since 1994); averaging 7%.”
He added that “ Inflation rate has fallen from 15.4 per cent in December 2016 to 7.6 per cent (new series) in September 2019, registering the lowest rate in 27years; which makes 2019 the year with the slowest ever rise in the prices of goods and service in Ghana in the entire history of the Fourth Republic.”
Ken Ofori-Atta went to great length to demonstrate that the government has improved the fortunes of Ghanaians in the last three years.
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