2024 Budget Is Crucial- Ofori Atta

The Minister for Finance, Ken Ofori Atta, has labeled the 2024 Budget Statement and Economic Policy as crucial.

It comes a day before its presentation in Parliament.

“This Budget is crucial because it is developed to support the implementation of the IMF-backed Post-Covid-19 Programme of Economic Growth (PC-PEG),” the Ministry said in a statement on Tuesday.

It hinted that the budget will highlight the performance of the economy and efforts to boost the productive capacity of the economy through the new Growth Strategy, fiscal measures as well as debt management strategies to deepen stability and promote growth.

Additionally, it said post-budget engagements will be held with stakeholders to explain the various policies to the public.

The Minister is expected in parliament on November 15, 2023, in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921) to present to the House, the Budget Statement and Economic Policy of Government of Ghana for the 2024 Financial Year.

The presentation will precede the consideration and approval of the first review and the subsequent release of the second tranche of the International Monetary Fund’s US$600 million.

The release of the fund is also pending debt restructuring of the external debt of the country.

But Ken has assured that the country is making “good progress in accordance with its strategic plan to engage the Official Creditor Committee (OCC) of the Paris Club; secure a Memorandum of Understanding on debt restructuring; and go before the IMF Executive Board for approval of the first review”.

The Ministry earlier announced the completion of the first review on October 6, 2023, and the Staff Level Agreement (SLA) on the same day.