The Finance Minister, Ken Ofori-Atta, has disclosed that the 2024 Budget will outdoor programmes and initiatives that will address the high cost of doing business in the country.
According to him, the budget will also address concerns of “high and many taxes” affecting the private sector.
Mr. Ofori-Atta disclosed this on PM Express Business Edition with host George Wiafe on October 19, 2023.
“It’s very important that looking at where we are as country , everything must be done to support the private sector to help them play a critical role in the recovery of the economy”, he said.
“We have met all the interest groups from the private sector and their concerns will definitely be taken on board when it comes to the 2024 budget,” he promised.
Mr. Ofori-Atta also announced that the ministry has met all relevant stakeholders and unions.
“We have also met with Association of Ghana Industries, Ghana National Chamber of Commerce and Industry, and the Ghana Union of Traders Association. Predominately issues about taxes have been their major priority and we have to deal with it”, he said.
He added that there will be a Mutual Prosperity Dialogue engagement with the private sector before the budget presentation.
2024 Budget Presentation
In terms of Focus, the Finance Minister also disclosed that government will be prioritising how to get the private sector back “into stable” position.
“This is because, government cannot do everything. So the private sector needs to be supported to help managers of the economy to create jobs”, he added.
Ghana’s Financial Administration Act requires Parliament should by December 31 of each financial year consider and approve the Annual Budget for the ensuing financial year.
However, based on this directive, the 2024 Budget should then be presented before the end of November 2023. This will afford parliament enough time to scrutinise and deliberate on the budget, before the beginning of the New Year.
The Finance Minister also disclosed that the 2024 Budget will be influenced by post Covid-19 Programme for Economic Growth which is supported by the International Monetary Fund.
“We are targeting to present the budget to parliament by November 15, 2023”, the Finance Minister disclosed.
Expansion of economy
The Finance Minister also announced that the government will also implement programmes that will help in the expansion of the economy and sustain the recent recovery.
He also disclosed that government is seeking to achieve economic growth beyond 2.5% by the December 2023.
“The IMF expected Ghana to do averagely about 1.5%, but they have already indicated that they will be reviewing that projection going forward. We believe that we are going to do better when it comes to the expansion of the economy,” he said.
“We are committed to instituting programmes that will help sustain the numbers that we are witnessing when it comes to growth,” he added.