The Finance Minister, Ken Ofori-Atta, has emphasized his dedication to fiscal discipline, pledging to avoid budget overruns in 2024 leading up to the December elections.
Reflecting on the reduction of inflation from 54.1% in December 2022 to 23.2% in December 2023, he emphasized the need for fiscal prudence, stating that the Ministry of Finance prioritizes the nation’s welfare over popularity.
The finance minister acknowledged the Bank of Ghana’s efforts in utilizing monetary policy tools to curb inflation, emphasizing his refusal to authorize expenditure misalignments with the budget.
“We have moved inflation from over 54.1% in December 2022 to about 23.2% in December 2023 and you think that did not come with exercising some fiscal prudence? The Ministry of Finance is not here to be loved, but to make sure that the community crosses the Jordan”, he told George Wiafe on PM Express, Business Edition on January 18, 2023.
“We want to ensure that the right things are done going forward as a country. If the expenditure does not fall in line with the budget, I will not sign the cheque”, he said.
He affirmed the government’s dedication to strict adherence to fiscal policies, striving to achieve targets outlined in the 2024 budget.
Reminding government officials of the importance of fiscal prudence, Ofori-Atta disclosed stringent measures taken to contain spending, contributing to the decline in inflation.
Despite the challenges posed by an election year, he expressed confidence in maintaining fiscal discipline and achieving the 2024 year-end inflation target of 15%.
Optimistic about Ghana’s IMF program, Ofori-Atta addressed the difficulty in introducing new tax measures to boost revenue, citing the necessity to address the country’s tax-to-GDP ratio. While recognizing the challenges, he expressed confidence in the government’s commitment to economic stability and fiscal responsibility.
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