President’s monthly insight – January

January 31, 2020 / Comments (0)


The United Nations’ Sustainable Development Goals (Agenda 2030) and the African  Union’s Agenda (2063) present blueprints which showcase the combined effort between African and global policymakers towards enhancing the livelihoods of every one. This collective energy is focused on Africa’s emerging potential as the best region for investment and trade most especially with the progressive regional integration consolidated from the African Continental Free Trade Agreement.   

The African Economic Outlook (AEO) 2019 report, projected a 5.4% growth of Ghana’s economy in 2020, which is a little less than the 7.3% projection made for 2019. Nonetheless, like Africa in general, the year 2020 commences a hopeful decade for Ghana. There are indications that with the several socio-economic interventions outlined in the 2020 budget, Ghana’s economic growth will continue to excel and even outdo that of other countries, as the region continues to be a hub to most of the world’s fastest-growing economies. The 2020 budget presented by the Finance Minister, Ken Ofori-Atta under the theme “Consolidating the Gains for Growth, Jobs and Prosperity for All” was anchored in the President’s Ghana Beyond Aid vision and consistent as well with the aforementioned UN and African Union agendas. The implementation of this budget revolves around the following main pillars; economy restoration, reforming of public service delivery institutions, economic and social infrastructure revamp, strengthening of social protection and inclusion, and agriculture and industry reformation. 

However, the medium-term drive is hinged on domestic revenue mobilisation, business regulatory reforms, intensified drive for Foreign Direct Investment, digitalisation, accelerated infrastructure development,  international financial services center, enhanced financial support to local enterprises as well as science and technology. How does the 2020 budget, which is the first budget statement of a post IMF Extended Credit Facility for Ghana in April 2019 as well as the first under the Fiscal Responsibility Act 2018 (Act 982), intend to live up to expectations in an election year? What is the economic forecast for the year and what should the business community expect from the government in the year 2020? How should companies position themselves to take advantage of the benefits in the 2020 budget? What are the new initiatives in tax administration for 2020?

For this and more, I invite you to join our enlightened resource persons from the Ministry of Finance, KPMG and GRA to discuss Ghana’s Economic Outlook for the year 2020 at Alisa Hotel, North-Ridge on the 12th of February, 2020. Come and be informed as well as interact and network with policymakers, industry players and participants in the Ghanaian business community. See you there!

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