Vice President Dr Mahamudu Bawumiah says government chalked a historic feat in the macroeconomic sector by achieving its Fiscal Deficit Target.
This is the first since 2006.
A visibly elated Dr. Bawumia at the opening of the 69th edition of the New Year School and Conference at the University of Ghana, Legon expressed gratitude to government appointees for their diligence.
Government created fiscal space by capping of earmarked funds to 25 percent of government revenue and realigning expenditures to government priorities, the Vice President disclosed.
“No government has been able to do this even though many have expressed the intent to,” the Vice President noted in relation to the capping initiative.
According to him, government stayed current and focused on payments to statutory funds such as GETFund, NHIS, DACF, SSNIT, Road Fund in 2017 while paying arrears inherited from the previous Mahama administration.
He added that government also validated arrears inherited for the Statutory Funds, Capex, Compensation, and goods and services at the end of 2016 which amounted to GH¢3.1 billion.
Dr Bawumia noted that about two-thirds of the total arrears was statutory, adding to the total government of GH¢1.45 billion paid in 2017.
“In fact, in just one year we have paid almost half of the arrears accumulated by the NDC government while staying current on existing obligations,” Dr. Bawumia stressed.
He further added, “it was in this regard that I find it amusing that some latter-day saints are asking government to pay arrears owed to contractors after recklessly accumulating the arrears in the first place and not paying it themselves.”
The 69th edition of the New Year School and Conference is under the theme: “Job Creation for Accelerated National Development: The Role of the Private Sector.”
It is scheduled to end on Friday, January 19, 2018.