Finance Minister Ken Ofori-Atta has revealed that due to expenditure cuts made by the government this year, the country is on course with her expenditure rationalisation efforts.
Addressing the press on the economy at the Finance Ministry on Wednesday, 28 September 2022, he said “current year expenditure has also largely been contained owing to the operationalization of expenditure cuts announced since March 2022”.
“We are on course with expenditure rationalization efforts, and will continue to enforce strict adherence to these measures across all MDAs, while ensuring efficient delivery of public services” the finance minister said.
He explained that the Ghana Revenue Authority (GRA), “has intensified its efforts to shore up domestic revenue mobilization, particularly in relation to the enforcement of compliance measures”.
“The increased visibility of GRA officials at shopping malls and various commercial establishments and at our borders across the country is in pursuit of meeting our revenue objectives.”
“Such exercises form part of an ongoing drive to ensure we take significant steps forward in remedying long-standing challenges with domestic revenue mobilization, indiscipline, corruption and leakages” Ofori-Atta said.
“Heightened tax compliance and increased tax-audit exercises will continue to be complemented by policy initiatives that allow us to tap into a wider pool of taxpayers in the years ahead,” he added.
He went on to state that “growth outturn of 3.4% and 4.8% in quarter one (Q1) and quarter two (Q2) of 2022 respectively, coupled with modest improvements in our fiscal position, suggests our economy is gradually on the upswing despite the numerous shocks we have faced over the past two years”.
“These figures demonstrate that in spite of recent challenges, there has been economic growth, modest as the gains so far may be. This progress gives us a solid foundation to confront the challenges ahead” Ofori-Atta said.