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GOV’T TO RAISE 18.25 TRILLION CEDIS BY
HALF YEAR
Accra, Jan.8, Ghanadot.com - The Ministry of Finance and
Economic Planning says it is set to raise 18.25 trillion
cedis by June this year through its revenue agencies, but
said it was going to review downward the 2.6 trillion cedis
exemptions granted in 2006.
This is a sharp contrast to the 25.4 trillion for 2006 with
GDP expected to hit 6.5 per cent as against the 6.2 for last
year.
It hoped that the other half of the year would bring in a
similar amount to shore up expected loans and grants of 6.0
trillion cedis 9.0 trillion respectively from Ghana’s
multilateral donors.
Mr Kwadwo Baah Wiredu said, to
raise the amount, government was
looking forward to ensure that all the revenue agencies
double their work rate and work diligently at generating the
37.5 trillion cedis or more of the
total target from the domestic front,
albeit with spending target of 54.3 trillion cedis. The gap
of 16.3 trillion would come from grants and loans (9&6
trillion cedis), diverstiture (0.7 trillion), lotteries (0.1
trillion cedis) and others (1.2 trillion cedis).
“This we will do through constant scrutiny of the various
revenue agencies and a way of making sure that those listed
to pay taxes and revenue to the state do so and regularly,”
he added.
Giving the expenditure breakdown, the Finance Minister said
personal emolument is estimated at 13.2 trillion cedis, 3.1
trillion cedis for administration and 2.6 trillion cedis for
pensions, social security and gratuities.
The Finance Minister told Ghanadot.com that he was not happy
that even though the Registrar General’s Department had
registered about 170,000 business operators, only 50,000 of
these are reflected in the
Internal Revenue Service books.
“This situation must change and consequently, I have
directed a coordinated system between all the revenue
agencies that would enable one to know what is going on as
far as the financial obligations of the business are
concerned.”
Mr Baah Wiredu indicated that government was expecting funds
from the HIPC Initiative, MDRI, MCA as well as programmes
and projects while pulling in domestic and external loans.
Government is also looking forward to raising 338 billion
cedis or more from the divestiture of the Tema Oil Refinery
(TOR), State Insurance Company and the Ghana Oil Company (GOIL).
This is besides the immense revenue to be derived from the
government of Ghana 5-year bond which is to reduce the
pressure on government funds.
On the recent salary agitations, the Minister said the
situation and response given to the situation in the health
sector indicates that there was immense room for
improvement, “but we must work at ensuring job evaluation
and effecting quality service by workers for money.”
The size of Ghana's economy is estimated to be 138 trillion
cedis.
Ghanadot.com
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