Mid-Year Budget Reviewed
Zita Ackah Nyanzu &Martha Eshun | Posted: Tuesday, August 16, 2005
The Private Enterprise Foundation (PEF) has organized a day workshop in Accra to review the 2005 Mid-year budget. The Mid-year budget, earlier reviewed from January to June, was based on three key priorities - human resource development, private- sector-led accelerated growth and good governance.
It aimed at examining the half-year macro-economic performance indicators and their implications for the private sector.
It was also to raise outstanding issues that would bring development in the private sector participation in wealth creation for poverty reduction.
Mr. Cudjoe of the University of Ghana said there was a decline from what was expected. He explained that prices were decelerated and the prime rate declined to 16.5%.
He said the macro-economic target was achieved, a situation that led to a stable economic environment with lower inflation rates, a relative stable currency and strong external reserves.
He explained that the achievements were not mere statistics but changes that could lead to fundamental transformation of the economy and the lives of the citizenry as well.
He said direct taxes, revenue taxes, and international taxes were on the increase, while indirect taxes on the other fell short by 5.4% below the budget estimated for the first half of the 2005.
He said the total revenue taxes amounted to ¢ 8, 045 billion, which was slightly above the budget target of ¢ 8,032.0 for the period and that of the international and direct taxes also amounted to ¢1,689.0 and ¢2,321.0 billion respectively.
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