Finance Minister Ken Ofori-Atta is expected to deliver the government’s 2023 mid-year budget review in Parliament today.
The presentation will be the government’s first official statement since receiving a $3 billion bailout from the International Monetary Fund (IMF). It will provide an update on the execution of the 2023 Budget, as well as insights into the first half of the year’s economic and fiscal performance.
The statement will also discuss the policies put in place to stabilize the economy, encourage growth, and protect the vulnerable, as specified in the IMF-backed Post COVID-19 Programme for Economic Growth (PC-PEG).
Expectations are high for the budget review. Economic analysts are unanimous in their prediction that no new taxes will be imposed. However, the business community and ordinary Ghanaians are looking for concrete measures to address the country’s economic challenges.
READ: Ghana’s 2023 Mid-Year Budget Review: Will the Government Meet Expectations?
The Ministry of Finance has said that the government will undertake post-budget engagements to explain the various policy choices to the public.
Here are some of the key themes that are expected to be covered in the budget review:
- Macroeconomic stability: The government will need to outline its plans to reduce inflation, stabilize the exchange rate, and improve the country’s debt situation.
- Economic growth: The government will need to set out its plans to boost economic growth and create jobs.
- Protecting the vulnerable: The government will need to outline its plans to protect the poor and vulnerable from the impact of the economic crisis.
- Structural reforms: The government will need to outline its plans to implement structural reforms, such as improving public financial management and reducing corruption.
The budget review is a critical opportunity for the government to show Ghanaians that it is serious about addressing the country’s economic challenges. If the government is able to outline a credible plan for economic recovery, it will give Ghanaians hope for the future.