By: Jude Tackie
Ghana’s Finance Minister has declared the 2024 Budget as “victory budget” aimed at ensuring job creation and prosperity for the Ghanaian population during his presenation in Parliament today, November 14, 2023.
In his address on Wednesday, Mr Ofori-Atta reflected on the challenges faced by the country, emphasizing the government’s commitment to the welfare of its citizens.
He drew parallels with the 2020 election year, which, despite being the first in the Fourth Republic with zero donor funding, showcased the government’s remarkable sensitivity to the people. In that year, there were no layoffs in the public service, salaries were consistently paid, and free water and electricity were provided, particularly benefiting lifeline consumers.
The Finance Minister highlighted the government’s support for entrepreneurship, citing the successful implementation of the 600 CapBuSS programme for the Ghana Exporters’ Association (GEA).
Addressing the global economic challenges, Ken Ofori-Atta noted that the recent disruptions to the micro-economic path were not unique to Ghana.
He acknowledged the worldwide impact of supply chain disruptions, changes in work patterns, and shifts in demand, resulting in significant challenges to inflation and growth. However, he expressed optimism, stating that Ghana had successfully navigated these challenges, completing an International Monetary Fund (IMF) review with impressive results.
“We turn the corner when in record time we completed the IMF review of 6 performance criteria, 28 targets, and 3 structural benchmarks. Our task now and in the medium term is twofold – to maintain stability and to keep on growing,” he added.
Confident about Ghana’s future growth prospects, he labeled the budget as “Nkunim” budget, a term signifying victory. The Finance Minister asserted that the budget would pave way for sustained economic growth, currency stability, and disinflation in the medium term, ensuring that Ghana boldly walks on the sustainable path towards creating decent jobs and wealth for its people.
“Our future growth prospects are certainly brighter and I’m confident that this budget, the victory budget, this ‘Nkunim’ budget would ensure that we boldly walk on the sustainable path towards creating decent jobs and wealth for our people,” he said.