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2022 Budget: Gov’t warned not to focus on only petroleum sector for generating revenue

An Economist and Senior Research Fellow with the Institute of Fiscal Studies, Dr. Saeed Boakye has warned the government to desist from heaping all its efforts in generating revenue within the petroleum sector.

Speaking to Naa Dedei on Starr Today, Tuesday 16th November 2021, on the budget upcoming budget, the Economist cautioned the government that inasmuch as the petroleum sector is a juicy area for making huge revenue, the ordinary Ghanaian is feeling the heat.

“When something seems to be abnormal, it has to be normal, the price of petroleum is very high in Ghana largely because there is soo many taxes on them.

”So the government has to do something about it. It is an area where they collect taxes easily. You cannot put all your eggs in that basket because it is easy to collect and consumers are hurting.

“The government must be flexible and find a way to generate revenue from the sources that it is supposed to. But are not and rather put all your baskets there and consumers are struggling.

”The government must not go the easy way all the time, at times hard choices must be made in the long term,” the Economist advised.

Finance Minister, Ken Ofori-Atta will today Wednesday, November 17, 2021 present the 2022 Budget Statement and Economic Policy of Government in Parliament.

The budget is expected to focus on reducing unemployment and expanding on recovery methods from COA statement ahead of the budget presentation by the Finance Ministry said:” The Budget will primarily focus on expanding on the economy’s recovery from the COVID-19 pandemic, as well as creating a climate-friendly entrepreneurial state to address unemployment and import substitution.

“Digitalisation of the economy, skills development and entrepreneurship will also feature prominently in the presentation”.

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