The Minister for Finance and Economic Planning, Dr. Mohammed Amin Adam, has stated that the hardships many Ghanaians face daily were never the government’s intention. He acknowledged the situation and assured citizens of better days ahead.
Presenting the mid-year fiscal policy review on the floor of Parliament on Tuesday, July 23, 2024 Dr. Adam noted that the past two years have been challenging globally, with significant impacts on businesses, families and the vulnerable.
He highlighted the severe economic pressures on the global economy, driving many youths to seek employment beyond what the state can offer, with Ghana not being an exception.
“The last two years have been extremely challenging globally and Ghana has not been an exception. The difficult economic environment has truly affected businesses and families, particularly the vulnerable in our society,” he said.
He added, “These challenges have severely affected households, increased the cost of living and limited job opportunities. Our young people continue to seek employment opportunities beyond what the state can provide. It has indeed been a difficult time and I empathise with our fellow Ghanaians.”
The mid-year fiscal policy review was presented in accordance with Article 1790 of the 1992 Constitution and the Public Financial Management Act, 2016 (Act 921).
It reviewed the Government’s 2024 Economic Policy and Financial Statement delivered by the Minister of Finance on November 15, 2023.
The 2024 budget is critical as the government navigates meeting societal needs and wants against the International Monetary Fund’s (IMF) fiscal tightening requirements.
The government has set an ambitious target to mobilise total revenue of GHS176.4 billion, 22% higher than the 2023 target.
Dr. Adam noted that all hope was not lost, as the economy was rebounding. He underscored the government’s efforts towards fiscal stability and growth, stating that measures implemented over the last two years were yielding positive outcomes and promising a brighter future.
“Over the last two years, the government has embarked on decisive measures to get us back on the path of fiscal consolidation, economic stability and growth. I am happy to note that these policies are yielding the expected results,” he emphasised.
By Stephen Odoi-Larbi
