Minister of State at the Finance Ministry, Abena Osei-Asare, has provided reassurance to Ghanaians, affirming that the government maintains fiscal discipline despite the current election year.
She emphasized the government’s commitment to generating essential revenue to stabilize the economy.
Osei-Asare highlighted the effectiveness of certain governmental policies aimed at fortifying the economy, noting their positive impact thus far.
“The fiscal consolidation is holding as we are monitoring our expenditures. It is true that we are in an election year, but the government will contain the expenditure as approved by the 2024 budget, and also, we will ensure we raise the needed revenue to balance the tide,” the Minister of State at the Finance Ministry said.
The PC-PEG program, supported by the IMF, has demonstrated notable growth, showcasing resilience and strength, she noted.
She observed a decline in inflation, a decrease in interest rates, and a reduction in public debt.
Former Finance Minister Ken Ofori-Atta, during the 2024 budget presentation, outlined the government’s intention to spend GH¢226.7 billion in 2024.
This amount represents 21.6 percent of Ghana’s Gross Domestic Product (GDP).
Ken Ofori-Atta clarified that this projection reflects a 6.1 percentage point decrease in total expenditures (commitment basis) relative to the 2022 out-turn.