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25.05.2006 General News

Govt to present 2007 budget in November

By GNA

The government will present its financial statement on the 2007 fiscal year to parliament on November 9, this year.

Mr Kwadwo Baah Wiredu, Minister of Finance and Economic Planning, who made this known, said the government would also present a supplementary budget to parliament on July to enable it start utilizing funds accrued from the debt relief granted the nation by the multi-lateral financial institutions.

He was addressing members of the National House of Chiefs in Kumasi on Wednesday.

Mr Baah Wiredu said so far, the nation had accrued 125 million dollars, 24 million dollars and 7 million dollars respectively from debt relief granted by the IMF, World Bank and African Development Bank.

He said the government had been able to stabilize the economy and put it on the path of growth.

The Minister, however, said the nation could not attain the required growth, if land was not readily available for investment.

Mr Baah Wiredu said land played very important role in the national development agenda and appealed to the chiefs, who were the custodian of land, to play their roles effectively to ensure that investors got land for their activities, adding that, there was the need for the country to able to feed itself and export more to earn revenue.

On infrastructure development, he said Ghana required about 6 billion cedis to develop its infrastructure in the energy, telecommunications, roads, railway and water sectors.

Mr Baah Wiredu expressed the need for the nation to move away from the cash-based economy to credit based one to help move the economy forward.

He said the government was exploring various ways to generate revenue to speed up the socio-economic development of the nation and called on the chiefs to put their expertise at the disposal of the nation and make significant contributions to the national development agenda.

He commended chiefs in the country for their invaluable contribution to the preparation of the nation's budget since independence.

Mr Baah Wiredu pointed out that, Ghana must move on to its development agenda and said with the collective efforts and contributions of all, the nation could succeed.

Odeneho Gyapong Ababio, President of the House thanked the Minister for interacting with members of the house.

He said chiefs were desired to play the role of partners in development with the central government to ensure the attainment of improved living standards for the citizenry, adding that, frequent interactions of some sector ministers with members of the house had contributed to policy formulation of the ministries.

Odeneho Ababio said chiefs were ever ready to collaborate with government for the good of the country and called for the provision of the necessary facilities that would enhance their contribution to national development.

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