Finance Minister, Ken Ofori-Atta, is set to announce a Mid-Year Budget Review today July 31, 2023.
This review will outline a comprehensive set of growth strategies, with the complete objective of promoting greater stability and prosperity for Ghana’s economy.
The budget review is also expected to help the government undertake critical reforms in the energy and cocoa sectors, towards economic transformation.
Just like other countries, Ghana has been afflicted by some traumatic factors like COVID-19 and the war in Ukraine and these external factors have influenced the nation’s economic trajectory significantly.
However, through the Mid-Year budget, the government is said to be seeking to tackle these issues and capitalize on opportunities for growth by adopting effective strategies and policies.
The government’s aims is to direct the country’s economy towards a positive trajectory notably, the energy and cocoa sectors.
These two have been set aside for transformation in the Mid-Year Budget, as they play pivotal roles in Ghana’s economic landscape.
Sources at the Ministry of Finance say the energy and cocoa sector improve a part of the transformation and growth aims to address immediate policy and financing challenges, while propelling the nation towards greater stability and prosperity.
The energy sector reforms are also expected to focus on ensuring reliable and efficient energy supply, crucial for industrial growth and the overall economy.
Addressing weaknesses in this sector will attract investments, stimulate economic activities, and pave the way for job creation.