[ 2021-03-14 ]

2021 budget designed to lift Ghana out of challenges imposed by COVID – Alan
Trade Minister, Alan Kyerematen has said that the
2021 budget statement presented by Leader of
Government Business Osei Kyei Mensah Bonsu gives
clear strategy that is designed to lift this
nation out of the various challenges imposed on
Ghanaians by the COVID-19.

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In a brief statement Mr Kyerematen said
“Yesterday in Parliament, we witnessed the
presentation of a clear strategy that is designed
to lift this nation out of the various challenges
imposed on us by the COVID-19.



“The Akufo-Addo led Government in 2021 will
continue restoring economic fundamentals, building
industries and creating jobs to ensure
‘cash-for-the-people’ thereby improving the
livelihood of Ghanaians.

“Hon. Osei Kyei-Mensah-Bonsu did a good job
presenting the 2021 budget and economic statement
and deserves to be applauded.”

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The government is proposing in the 2021 budget
statement the introduction of a Covid-19 Health
Levy of a one percentage point increase in the
National Health Insurance Levy and a one
percentage point increase in the VAT Flat Rate to
support expenditures related to Covid-19.

Mr Kyei Mensah Bonsu said “To provide the
requisite resources to address these challenges
and fund these activities, government is proposing
the introduction of a Covid-19 Health Levy of a
one percentage point increase in the National
Health Insurance Levy and a one percentage point
increase in the VAT Flat Rate to support
expenditures related to Covid-19.”



Regarding other sectors of the economy, the budget
pegged Ghana’s fiscal deficit at 13.7 per cent
of Gross Domestic Product (GDP).

This deficit, according to the budget, include the
cost of the financial sector cleanup up.

“The fiscal deficit including the financial
sector cost for 2020 is 13 .7 per cent of GDP,”
the budget said adding that “it was financed
from both domestic and external sources.”

Regarding Ghana’s debt stock, the budget said
the debt rose from 122billion in 2019 to
291.6billion as at the end of December 2020.

Source - 3 News

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