The Finance Minister, Ken Ofori-Atta, is set to present the highly anticipated Mid-Year Budget to Parliament on Monday, July 31, 2023. As the nation eagerly awaits this critical announcement, expectations are high that the review will reveal positive signs of stabilisation in Ghana’s economy, paving the way for potential growth in the latter half of the year.
According to sources at the Ministry of Finance, the economic numbers are likely to showcase improvements in various key indicators, indicating progress in handling economic challenges. Ghana’s trade surplus of $1.77 billion during the first six months of 2023, as previously reported in the Bank of Ghana (BoG) summary of Economic and Financial Data, hints at a strengthening of international trade and external balance.
The Finance Minister’s emphasis on policies to entrench economic stability and promote growth in the 2023 Budget presentation to Parliament last year suggests that government has taken proactive measures to steer the economy in the right direction. Additionally, the decision not to request any supplementary budget according to sources indicates the government’s commitment to fiscal discipline and prudent financial management.
One of the areas of focus in the budget review is expected to be the prioritization of social protection programmes like the Livelihood Empowerment Against Poverty (LEAP), School Feeding, and National Health Insurance Scheme (NHIS). The government’s emphasis on these programs underscores its dedication to supporting vulnerable sections of society and ensuring their access to essential services and resources.
Further, the Finance Minister is likely to underscore the importance of existing growth strategies aimed at boosting food production, curbing inflation, and fostering job creation and entrepreneurship. These strategies are geared toward stimulating economic activity and reinforcing overall development in Ghana.
As the Finance Minister takes the stage tomorrow to present the Mid-Year Budget Review, stakeholders across the country will be eagerly listening for insights into the economic performance of the first half of 2023 and the government’s plans for the rest of the year.
Amid global economic uncertainties, hopes are high that the review will provide a positive outlook for Ghana’s economy and set the stage for a promising second half of the year.
