5% of GDP lost to leakages will be sealed- Finance Minister designate assures Parliament

Finance Minister designate Ken Ofori Atta has given his fullest assurance the Nana Akufo-Addo government will raise the necessary revenue to fulfill the campaign promises and to improve the standard of living of Ghanaians.

According to him, leakages in Ghana’s financial sector alone amount to some 5% of the Gross Domestic Product, (GDP).

He also quoted an Auditor General’s report which indicated that an amount of 6billion cedis is lost through misappropriation of funds in the public sector.

The minister designate said his ministry will make strenuous efforts to seal leakages and raise the necessary funds to fulfill the promises made during the campaign.

The minister designate made the revelations, Friday when he took his turn before members of the Parliament’s Appointment Committee.

President Akufo-Addo has a tall list of promises to fulfill and expectations to meet having been sworn-in as president.

From the one constituency, one million dollars; one village, one dam; one district, one factory to the reduction of “nuisance taxes” the president has just a four year tenure to fulfill these promises.

With the economy growing at just around 4% of GDP concerns have been raised about how the government will be able to grow the economy and fulfill these promises.

When he appeared before the Parliament’s Appointment Committee, members did not fail to play back the promises made by the NPP and how they intend to raise money to fulfill them.

In a calm demeanor and selecting his words carefully the minister said he will find the resources to fulfill the promises made.

He said even from leakages alone, there is an “incredible amount we can save” to fulfill the promises.

On how to raise $275 million for the one million, one constituency policy, the Minister designate said 15% of the country’s revenue is spent on capital expenditure and that amount can be reallocated to cater for  $275 million.

On the Zongo development project, Ken Ofori Atta said an amount of $15 million will be put into a development fund to begin the process of sharing the country’s resources equitably.

“All citizens deserve a minimum thresh hold of development,” he stated.

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