Key highlights of 2022 Budget Statement and Economic Policy

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Finance Minister Hon. Ken Ofori-Atta
Finance Minister Hon. Ken Ofori-Atta

The Minister of Finance Hon. Ken Ofori-Atta has presented the 2022 Budget Statement and Economic Policy to the Parliament of Ghana on Wednesday, 17th November, 2021.

He presented the budget on the authority of His Excellency, the President of Ghana Nana Addo Dankwa Akufo-Addo for the year ending 31st December, 2022.

The following has be outlined by Mr. Ken Ofori-Atta as key highlights of 2022 Budget Statement and Economic Policy.

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1. Road tolls on all public roads abolished.

2. Benchmark values on some goods removed.

3. MoMo to be taxed – E-Levy to be implemented by Government. Government has putten a levy on all electronic transactions known as electronic levy. According to Finance Minister Ken Ofori-Atta statement on E-Levy, Mobile money (Momo) transactions will now be taxed as part of the new Electronic Transaction Levy. 1.75% to be borne by the sender.

4. Passage of Tax Exemption Bill.

READ MORE: Guidelines for the Presentation of the 2022 to 2025 Budget Statement

5. YouStart initiative to create 1 million jobs. Ken Ofori-Atta said, government is equip to sustain an entrepreneurial nation hence a YouStart program to be operational by March 2022. YouStart will provide our youth with the following:

i. Training: Skills Development, Entrepreneurial Support and Business Advisory services

ii. Funding: Access to Competitive Credit and Starter Packs

iii. Enterprise Promotion: Mentoring and Access to Markets including Portals to facilitate “digital linkages” between youth-led enterprises and other
businesses and relevant government agencies.

2022 Budget Statement and Economic Policy

6. NABCO extended by one year.

7. Government to spend GHSI37.5b in 2022.

8. Inflation reduced from 15.4 percent at the end of 2016 to 7.9 percent at the end of 2019 and stood at 11.0 percent at end October 2021. Interest rate (91-day treasury bills) declined from 16.4 percent at the end of 2016 to 14.69 percent at the end of 2019 and further to 12.46 percent at the end of October 2021.

Attached is the full budget statement and Economic Policy

SOURCE: Coverghana.com.gh

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