
Audio By Carbonatix
Former Deputy Finance Minister, Professor Gyan Baffuor is demanding pragmatic steps to address the huge budget deficit which he says has the potential of crippling the economy.According to him, the programmes outlined by the Finance Minister, Seth Tekper in the 2013 budget statement are cosmetic.Last year’s deficit stood at 12 percent of GDP instead of the projected 6.7percent.In essence, government spent about 8 billion Ghana cedis more than what was projected.Mr Tekper said the huge wage bill, shortfall in corporate taxes, grants, and high cost of borrowing were causes for the deficit.He outlined steps including hikes in fuel prices, revenue mobilization, better tax administration and a prudent management of the single spine salary structure to address the challenge.But Professor Gyan Bafuor insists the statement is vague.He was disappointed that the minister did not give figures of how much tax it wants to impose on Ghanaians.That he said is a huge source of worry for businesses men who need the information in order to plan their businesses well.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Speed up work – Contractors on Takoradi-Cape Coast highway dualisation told
23 minutes -
BOST Energies refutes claims of fuel contamination at Kumasi Depot
26 minutes -
NPP cautions constituency executive aspirants against cash payments as nominations open
29 minutes -
Ghana can surpass $15bn in export earnings by 2030 – FAGE president
32 minutes -
BoG demystifies central bank operations, exchange rates and reserves
35 minutes -
NPP must engage Kennedy Agyapong through dialogue, says Kwadwo Poku Nsafoah
38 minutes -
CARE Ghana calls for Ghana Card to become sole ID for voting
41 minutes -
NPP opens constituency executive nominations
42 minutes -
Vigilance, positive defiance key to environmental protection – Asiedu Nketia
45 minutes -
Central University suspends SRC Week activities following NACOC investigation
48 minutes -
GWL cracks down on water theft; charges customer over GH¢74k for illegal reconnection
51 minutes -
Ghana UK High Commissioner receives St. Monicans delegation ahead of Centenary celebrations
55 minutes -
NYA CEO calls for urgent reforms to protect Ghana’s growing digital workforce
58 minutes -
Tech giant Oracle cuts 21,000 jobs as it embraces AI
1 hour -
Two-goal Haaland fires Norway into last 32 with win over Senegal
1 hour