The Minister of Finance, Ken Ofori-Atta has said that government has implemented a zero rate tax on locally produced sanitary pads.
Ken Ofori-Atta said the government will also grant import duty waivers for raw materials for the local manufacturing of sanitary pads.
“Government to implemented a zero rate tax on locally produced sanitary pads; grant import duty waivers for raw materials for the local manufacturing of sanitary pads. We will waive import duties on import of electric vehicles for public transportation for a period of 8 years.” Mr. Ken Ofori-Atta said.
— UTV Ghana (@utvghana) November 15, 2023
Meanwhile, according to Finance Minister Ken Ofori-Atta, Ghana’s economy is currently headed toward recovery from its dismal performance over the previous few years.
After successfully implementing the first phase of the International Monetary Fund (IMF) bailout, he claimed the nation had turned the corner.
Mr. Ofori-Atta stated the government is currently preserving the stability of the economy while he presented the 2024 budget in Accra.
The Finance Minister stated the government is currently preserving the stability of the economy while he presented the 2024 budget in Accra.
“We turned the corner when we completed the IMF first review,” he said.
He further assured that the government is poised to “maintain stability and keep growing. and ensure increased growth, currency stability”
“We turned the corner when inflation started declining from 54 1 in December to 35.2 in October 2023, he added.
“The recovery is indeed real and is here to stay,” he further assured.
Mr. Ofori-Atta went on to say that the ongoing economic recovery is primarily due to the swift implementation of aggressive fiscal and monetary policy measures during the past year and in the first half of 2023.
“So far, growth in 2023 has been more resilient than expected, inflation has declined in line with the fundamentals, the fiscal and external balances have improved, and the exchange rate has stabilized,” he said.
The President, Nana Addo Dankwa Akufo-Addo, is represented in the budget presentation by the Finance Minister.