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Budget 2018: We've targeted 6.8% growth-Finance Minister

Written by  Nov 15, 2017
The Finance Minister, Ken Ofori-Atta has announced that government has targeted a growth of the economy by 6.8 percent in 2018. He made the announcement before Parliament in his presentation of the 2018 budget statement today [Wednesday]. The target according to him, represents a 0.5 percent increase, compared to 2017 which was pegged at 6.3 percent.     Government targets “overall GDP growth rate of 6.8 percent, with non-oil GDP growth rate of 5.4 percent”, he said in his presentation. “Our prime focus is to ensure that the fiscal deficit, which remains our principal fiscal anchor, continues on a downward trajectory, reaching 4.5 percent of GDP from the projected 2017 end-year estimate of 6.3 percent,” he added.   On inflation, he said, government is targeting an end-of-year inflation rate of 8.0 percent, lower than the 11.2 percent targeted for 2017.     The inflation for October is at 11.6 percent, he indicated. “Achieving this objective is not only critical, but necessary if we are to maintain the healthy primary balance surplus required to eventually reduce the rate of debt accumulation,” he said.   “We must make these decisions in good time to ensure that our future generations will be bequeathed with a priceless inheritance of sustainable fiscal environment.”   “In this vein, optimizing resources mobilization through improved tax compliance and efficient and effective revenue administration, remains an important part of our fiscal strategy to boost domestic revenue mobilization for 2018 and the medium-term,” he added.
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