Finance Minister, Ken Ofori-Atta is expected to present the government’s 2024 Annual Budget Statement and Economic Policy to Parliament on Wednesday, November 15.
This is a constitutional exercise to be carried out by the Finance Minister on behalf of the President, Nana Addo Dankwa Akufo-Addo.
The presentation of the budget was in doubt as there was no communiqué from the Finance Ministry but a Tuesday, November 14 statement affirmed and assured the presentation.
“In accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance will, on behalf of the President, lay before Parliament the Budget Statement and Economic Policy of Government of Ghana for the 2024 Financial Year, on Wednesday, 15th November, 2023,” the Ministry’s statement announced.
Groups including the Ghana Union of Traders’ Association (GUTA), the Food and Beverages Association of Ghana (FABAG), the Importers and Exporters Association of Ghana, and a host of other trading associations have called on the government to introduce major tax cuts to reduce the economic and financial burden on Ghanaians ahead of the presentation.
The Concerned Drivers Association of Ghana is also calling for a reintroduction of road tolls in the budget to help repair Ghana’s deplorable roads.
Below is the Finance Ministry’s full statement.
PRESENTATION OF 2024 ANNUAL BUDGET STATEMENT AND ECONOMIC POLICY
Accra, Tuesday, 14th November 2023
In accordance with Article 179 of the 1992 Constitution and Section 21 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance will, on behalf of the President, lay before Parliament the Budget Statement and Economic Policy of the Government of Ghana for the 2024 Financial Year, on Wednesday, 15th November 2023.
2. 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). It comes just after the successful First Review of the 3-year US$3 billion IMF-ECF Programme.
3. It will also highlight, among others, the performance of the economy, and efforts to boost the productive capacity of the economy through the new Growth Strategy, fiscal measures, and debt management strategies to deepen stability and promote growth.
4. In line with usual practice, the Government will undertake a comprehensive post-budget stakeholder engagement to explain the various policy to the public.