The Institute for Liberty and Policy Innovation (ILAPI), has in a release indicated that, the mid-year budget delivered by the Finance Minister highlighted the current economic situation and the various mitigation plans the Government is putting in place to ensure robust economic system.
Copied to News Ghana on Tuesday 26th July, 2022, the release further said, the budget largely blamed the Ghana’s economic woes on Russia-Ukraine War, disrupting global supply chain systems. However, the Government believes that the GhanaCares “Obaatan Pa’’ programme will be a game changer, by ensuring macroeconomic stability, debt sustainability and robust growth.
“Government is targeting total revenue of GH¢96.842 billion against GHS 135.742 billion total expenditure creating a deficit of GHS 38.9 billion.
According to the report, the deficit will be financed from both foreign and local sources. The report also highlighted key measures to improve the collection of tax revenue to the Government. These measures are highlighted below:
Electronic collection of VAT effective 1st October 2022;
Improved collection of Property Rate by local government and assemblies;
Upfront payment of VAT for importers who have not registered for VAT; and
Extension of Waiver on interest and Penalties to December 2022,” the release emphasized.
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