Government is planning to spend a total 73.4 billion cedis in the 2019 fiscal year.
This is equal to 21.3 percent of GDP, representing a growth of 27.0 percent above the projected outturn for 2018.
The Finance Minister Ken Ofori-Atta made the announcement in parliament today when he presented the 2019 budget themed a “Stronger Economy for Jobs and Prosperity”.
According to the Finance Minister, the strategic pillars of the 2019 budget are Infrastructure; Agricultural Modernization, Industrialization, Entrepreneurship, Improving Efficiency in Revenue Mobilization, and Protecting the Public Purse as well as Social Intervention.
“Total revenue and grants for 2019 is estimated at GH¢58.9 billion, 17.1 percent of the rebased GDP, up from a projected outturn of GH¢46.8 billion, 15.7 percent of rebased GDP in 2018. Domestic revenue is estimated at GH¢57.8 billion, representing an annual growth of 25.5 percent over the projected outturn for 2018,” he said.
He pointed out that expenditure on Wages and Salaries is forecasted at GH¢19.4 billion representing about 26.5 percent of total Expenditure.
Meanwhile, total revenue and grants for 2019 is estimated at GH¢58.9 billion, 17.1 percent of the rebased GDP. By this government will have a budget deficit of 14.5 billion cedis.
On macro-economic targets government is hoping to achieve an overall GDP growth of 7.0 percent in 2019. This is premised on a rebased economy.
Meanwhile government is projecting crude oil price for 2019 at US$66.76 per barrel in line with the Petroleum Revenue Management Act. The petroleum revenue will hit 1.1 billion in 2019 if the projections are right.
On infrastructure, Mr. Ofori Atta stated that government, is committed to embarking on an integrated infrastructural development programme across the country that will move goods, food items and people from one location to another that will create jobs and prosperity.
This is the first budget under the Nana Addo administration that will not be constrained by IMF conditionalities .
It is expected that government will have the space to fiscally implement its policies.
By: Lawrence Segbefia/citibusinessnews.com/Ghana