Help Rebuild Our Public Finances and Economy – President Akufo-Addo to Organised Labour
These measures sustained the economy, restored some lost jobs and incomes, whilst opening windows of new opportunities for others. The time has now come for us to take the next set of actions required for the sustained recovery of the economy – he said.
The truth of the matter is that we are not in normal times, and I appeal to all Ghanaians, including Organised Labour, to assist Government in this endeavour to help rebuild our public finances and economy. We need to mobilise additional resources to cater for the new challenges confronting us whilst meeting other statutory requirements – the President said.He continued, “I, therefore, urge all Ghanaian workers to bear with government in these unusual and rather challenging times. I am confident that sooner, rather than later, and together, we can create the happy, progressive and prosperous nation we all desire.”
COVID-19 resulted in a drastic slowdown in economic activity and a huge drop in domestic revenues, combined with a sharp and unplanned hike in COVID-related expenditures. In sum, this unprecedented crisis led to a sudden shortfall in Government revenues amounting to some thirteen billion, six hundred thousand cedis (GH¢13.6 billion), and an unexpected and unavoidable rise in expenditures of some eleven billion, seven hundred thousand cedis (GH¢11.7 billion), he said.
To accomplish this, additional sources of revenue are required, and that is the reason why the budget introduced four key revenue measures to improve on sanitation and pollution, improve the health sector, and defray the cost of the financial sector clean-up – he added.
The Ministry of Finance has already earmarked some fifty million cedis (GH¢50 million) towards its operationalisation once discussions are completed – he added.
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