Government has assured that prudent measures have been put in place to ensure fiscal discipline in the year 2024.
It will also refrain from overspending in the next year’s election.
The Minority in Parliament predicted that government was likely to spend beyond its budget in 2024 in an attempt to fulfil unplanned campaign promises due to the elections.
However, in her debate on the budget presentation, Deputy Finance Minister Abena Osei Asare said the government would not initiate new commercially loan-funded projects in 2024 as part of its commitment to live within its means.
“In the past, governments have used election year as auctioning periods, engaging in all kinds of projects to win votes. But this government is committing itself to strong fiscal consolidation and efficient management of existing commitments, in order not to derail the hard-won stability that we are witnessing.”
“Government is not initiating new commercial loan funded projects. Government has also put in an amount of money in the budget to clear their arrears so that we can complete existing projects,” the Deputy Finance Minister assured.
The Minority in Parliament, however, says records available suggest that the government had a budget deficit of 17 percent in 2020 due to the elections.
The Member of Parliament for Yapei-Kusawgu, John Jinapor, said, “You said that you have a track record in election year expenditure. For the records, in 2016, go and read the updated data; the deficit was about 6 percent.
Mr. Speaker, I refer to the IMF-Ghana decision May 2023 documents; I refer to page 36, table 2 (A). In 2020, under your regime, election year, your deficit was a whopping 17 percent. It has never happened; no country has that deficit of 17 percent.”