Question

1A. It is said that, the national budget is an annual development plan for the state and it is more than ordinary financial statement. Covid-19 epidemic outbreak has had a devastating impact on most economies specially Ghana. It therefore requires expert knowledge and prudent economic decision making to recover the economy. As a special assistant to the Minister of Finance, indicate the macroeconomic targets you will consider appropriate to be factored into 2021 national budget? Demonstrate clearly in each case how the performance targets set could be achieved using appropriate economic policy measures.

1B.

Governments are bodies formed to exercise authority over the actions of persons who live together in a society and to provide and finance essential services of these persons. Two main views and perspectives have emerged and are held by various eminent and respectable schools of thought. Analyse the political philosophers’ view of government in the context of the world system of governance. Discuss how you can relate Ghana to these viewpoints.   

Answer 1

1.A. microeconomic targets I will be considering for factoring into National budget would be as follows-

I. I would be trying to increase the public expenditure in order to provide citizens of Ghana with larger amount of liquidity and help them through economic crisis.

II. I will also be proposing a tax reduction which is a temporary tax reduction in order to help the people to retain more of the disposable income so they can find out with this economic crisis due to ample liquidity on their hands.

III. I will be trying to manage the trade deficit and the balance of the payments while increasing the public expenditure and reducing the tax collection.

IV. I will also be advising the central government to assist Central Bank in order to formulate a policy of monetary easing which will be cutting out the interest rate in order to stimulate the demand into the economy.

1.B. political philosophy is a view of governance which will be relating to limit the public power of politics in order to enhance the quality life into the overall economy.

this is more of a philosophical concept than a descriptive concept and it is application of political philosophy in governance of a country which will be focused at limiting the power of politicians and helping the citizens of a country in order to better the quality of the human life and providing them with adequate services which will be helpful in growth of the economy.

I can relate this in relation to Ghana because politicians of this country need to provide the people with better quality of life and better monetary policy and fiscal policy so that they can help the economy grow and help the people grow their standard of life.