Dr Mohammed Amin Adam
In a resolute stance towards fiscal responsibility and prudent financial management, Finance Minister Dr. Mohammed Amin Adam has announced that the government will not be seeking additional funds in the mid-year budget review for 2024.
During the mid-year budget review presentation to Parliament on Tuesday, July 23, Dr. Amin Adam underscored the government’s commitment to enhancing operational efficiency and strategic intentionality to solidify fiscal consolidation while effectively driving economic growth.
“We are not seeking supplementary funds in this mid-year review. We are determined to be more efficient, strategic and intentional to entrench fiscal consolidation and strongly promote growth,” the Finance Minister affirmed.
Dr. Amin Adam further reassured Ghanaians that the government is diligently adhering to its budgetary constraints, emphasizing disciplined fiscal management practices.
He highlighted that stringent control over expenditures has been enforced to ensure alignment with the 2024 Budget Appropriation framework.
Furthermore, the Finance Minister reported that the government has exceeded the midyear revenue target by 0.2 percent as of the end of June 2024, showcasing proficient revenue generation efforts.
“In effect, Mr. Speaker, we are living within our means. Indeed, consistent with our programme with the IMF, we are on course to achieving a primary surplus of 0.5 percent of GDP by the end of the year,” Dr. Amin Adam emphasized.
The Minister also provided updates on key financial milestones achieved by the government, including successful reviews and disbursements under the Extended Credit Facility with the International Monetary Fund (IMF). This included obtaining debt relief of approximately 2.8 billion US Dollars, leading to a substantial delay in debt servicing from official creditors up to 2026.
Moreover, negotiations with Eurobond holders have culminated in a significant cancellation of debt amounting to 4.7 billion US Dollars and providing vital debt service relief between 2023 and 2026.
Prominent achievements were also highlighted in renegotiating agreements with Independent Power Producers and State-Owned Enterprises (SOEs) to bolster fiscal prudence and mitigate risks within the budgetary framework.
Dr. Mohammed Amin Adam’s comprehensive overview of the government’s financial strategies underscores a dedicated focus on sustainable economic growth, effective debt management, and the continual drive towards fiscal sustainability and accountability
By Vincent Kubi