Unlike 2011 when Ghana recorded one of the highest GDP growth rates in the world (14.4%), the year 2012 was plagued with significant economic and political challenges.
The question now as reflected in the theme for the 2013 Budget is how to shore up the confidence of the investor community, private sector, donor community and the public at large. Are the success stories of 2011, that is –single digit inflation, relatively stable currency against major trading currencies, and improved budgetary position of 2011 a mirage? Is the economy ready for the reduction in grants and aid from donor countries, as is customary with countries attaining lower middle income status?
What will the donor community think of all the major planned subsidies listed in the 2013 Budget and do we have the capacity to generate the required revenues estimated at 35% of GDP for 2013?
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