The Finance Minister, Dr. Mohammed Amin Adam, has disclosed that the country’s financial outlook for the medium term looks favourable notwithstanding the effect of the global economic challenges.
This, he says, is due to the government’s implementation of the IMF-supported Post-Covid-19 Programme for economic growth.
He says the development shows the government’s commitment to ensure it goes through the hurdle to address the challenges despite the difficulties posed by the global turmoil.
Presenting the 2024 Mid-Year Budget Statement in Parliament Tuesday, July 23, 2024, the Minister noted that it had become imperative for the government to revise the 2024 macroeconomic framework due to the latest economic developments, both domestically and globally.
“Mr. Speaker, Ghana’s medium-term macroeconomic and financial outlook and
prospects remain positive and favourable despite the challenging global environment.
“The ongoing implementation of the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG) reinforces our commitment to navigate through global uncertainties and address domestic challenges. Government’s unwavering dedication to maintaining macroeconomic stability, promoting investment, and enhancing social protection programs continues re-echo our objective of building back better.
“Mr Speaker, it is has become necessary to revise the 2024 macroeconomic
framework due to the latest economic developments, both domestic and global, including the impact of the debt restructuring.
Mr Speaker, key revisions to the macro-fiscal targets for 2024 include:
* Overall Real GDP Growth rate revised upwards from 2.8 percent to 3.1
percent;
* Non-Oil Real GDP Growth rate of revised upwards from 2.1 percent to 2.8
percent;
* Growth in GDP deflator scaled down from 20.2 percent to 17.5 percent;
* Nominal overall GDP has been revised from GHs1,050 billion to GHs1,020
billion;
* Non-Oil GDP has been revised from GHs979 billion to GHs977,093 billion;
* End-period headline inflation remains unchanged at 15 percent;
* Primary Balance on Commitment basis is maintained at a surplus of 0.5
percent; and
* Gross International Reserves (including oil funds and encumbered/pledged
assets) to cover not less than 3.0 months of imports.
Cost of living ‘situation is not going to improve’ – Jinapor on Mid-Year Budget Review
