Ken Ofori-Atta
As the nation eagerly waits for the Finance Minister, Ken Ofori-Atta, to present the highly anticipated Mid-Year Budget to Parliament on Friday, July 28, 2023, expectations are high that the review will reveal positive signs of stabilisation in the country’s economy, paving the way for potential growth in the latter half of the year.
According to sources at the Ministry of Finance, the economic numbers are likely to showcase improvements in various key indicators, indicating progress in handling economic challenges.
The country’s trade surplus of $1.77 billion during the first six months of 2023, as previously reported in the Bank of Ghana (BoG) summary of Economic and Financial Data, hints at a strengthening of international trade and external balance.
The Finance Minister’s emphasis on policies to entrench economic stability and promote growth in the 2023 budget presentation to Parliament last year suggests that government has taken proactive measures to steer the economy in the right direction.
Additionally, the decision not to request any supplementary budget, according to sources, indicates the government’s commitment to fiscal discipline and prudent financial management.
One of the areas of focus in the budget review is expected to be the prioritisation of social protection programmes like the Livelihood Empowerment Against Poverty (LEAP), School Feeding, and National Health Insurance Scheme (NHIS).
The government’s emphasis on these programmes underscores its dedication to supporting vulnerable sections of society and ensuring their access to essential services and resources.
Further, the Finance Minister is likely to underscore the importance of existing growth strategies aimed at boosting food production, curbing inflation, and fostering job creation and entrepreneurship. These strategies are geared toward stimulating economic activity and reinforcing overall development in Ghana.
Amid global economic uncertainties, hopes are high that the review will provide a positive outlook for Ghana’s economy and set the stage for a promising second half of the year.
Strong 2023 Export Performance
Also, there are signs that Ghana’s strong export performance will be a focal point, as the government continues its efforts to promote trade and boost economic growth.
Hints ahead of the budget review have pointed to positive news regarding the nation’s trade surplus which would reflect a significant boost to Ghana’s international trade and external balance, indicating a thriving export sector.
The government’s strategic measures to enhance the competitiveness of Ghanaian goods and services in international markets are expected to be highlighted as contributing factors to this positive outcome.
While the focus is expected to be on export performance, the Mid-Year Budget Review is also anticipated to shed light on the government’s broader economic agenda for the remainder of 2023.
Additionally, the government’s policies to maintain economic stability and foster growth may be underscored.
By Jamila Akweley Okertchiri