The Minister for Finance, Ken Ofori-Atta, has said the country’s economy is projected to hit GHC1 trillion in 2024 from GH¢219.5 billion in 2016.
According to him, ‘’ The 2024 Budget is even more significant because we will cross the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time in our economic history.
The Minister said this when presenting the 2024 Budget statement in Parliament on Wednesday, 15th November, 2023, Ofori-Atta said “With such a milestone ahead of us, the Government is protecting, at all cost, the foundation for sustained economic expansion’’.
He explained that ‘’A foundation that has been achieved through the sweat and patience of the Ghanaian people. We pledge to protect this for all our people and especially for private sector growth. And we shall do so by ensuring that the enabling factors are in place and accessible to all. These will include reliable energy supply, stable Cedi, lower inflation and lower interest rate regimes, access to private sector credit, infrastructure provision, food security, national security, and inter-continental market linkages through increasing active platforms such as the AfCFTA’’.
Mr Ken Ofori-Atta added that this is a Government that is self-aware, and reflective and has been open throughout the process to incorporating citizens’ feedback in preparing this Budget, and as in previous years, the country has prioritized stakeholder consultations.
‘’Consequently, we engaged with and obtained valuable inputs from key stakeholders, including investors, traders, academia, organized labor, civil society organisations, bankers, development partners, faith-based organisations, and a cross-section of the leadership and other honourable Members of Parliament’’.
He noted the Government has also launched the Ghana Mutual Prosperity Dialogue on the 2nd of November, 2023, a new and innovative platform to deepen our collaboration and partnership with the private sector.
He said ‘’The platform aims to enhance the long-term competitiveness of Ghana and increase our attractiveness as a hub for businesses on the continent. This will have a standing committee co-chaired by MOTI/MoF and the Private Sector’’.
‘’I want to assure our stakeholders that we have, as much as possible, reflected the proposals and recommendations from these engagements in this Budget. There is much more to be done with the shared ideas and the Mutual Prosperity Dialogues will be a robust and dynamic platform to inform policy,’’ he added.
‘’In two (2) out of the last 7 years (2020-2022) the Ghanaian economy has faced challenges. The economy, growing at an average of 7 percent with a single-digit inflation, declining interest rates and a stabilising currency, suffered unforeseen shocks like many other economies.
He continued that the GDP growth slumped from 6.5 percent in 2019 to 0.5 percent in 2020 – as the lockdown and closure of businesses and the ports had a devastating effect on the economy, adding that ‘’triggering a cost-of-living crises that has made lives difficult for the Ghanaian people. Though bartered and bruised, we are not broken and our resilience is manifesting’’ he added.
-BY Daniel Bampoe