Finance Minister Ken Ofori-Atta revealed during the presentation of the 2024 Budget that the government has budgeted for spending that will come to about GHC226.7 billion, or 21.6% of the GDP of the nation, in the following year.
Ofori-Atta pointed out that the government’s commitment to maintaining and advancing Ghana’s economic recovery is reflected in this projection.
The Finance Minister emphasised in his address that Ghana’s economic recovery is evident and that it is a “real and here to stay” phenomenon rather than a product of the imagination.
According to Ofori-Atta, the nation’s economy has reached a historic milestone, with a projected GDP of GHC1 trillion by 2024.
“Mr. Speaker, we have achieved the first-ever economic milestone of surpassing one trillion dollars in GDP, making the 2024 Budget even more momentous.
Let me reiterate, Mr. Speaker: Ghana’s economy under President Akufo-Addo is expected to grow from the GHC219.5 billion that we inherited in 2016 to GHC1 trillion in 2024, the year of his final year in office.
He reaffirmed the government’s will to build on the gains made thus far and provided an overview of the main tactics to propel the nation’s economy forward.
Ofori-Atta listed a number of industries that will benefit greatly from the anticipated spending, including the growth of infrastructure, healthcare, education, agriculture, and employment creation. These industries are thought to be essential to promoting sustainable development and realising Ghana’s long-term economic potential.
The Finance Minister went on to highlight a number of important programmes designed to help companies, draw in foreign capital, and encourage entrepreneurship.
He expressed the government’s commitment to fostering an environment that is favourable for businesses to flourish and underlined the role that the private sector plays in promoting economic growth and job creation.
Ofori-Atta also recognised the difficulties brought about by unpredictability in the world economy, including, among other things, shifting commodity prices.
He did, however, express confidence in Ghana’s resiliency and capacity to overcome these difficulties, pointing to the responsible budgetary policies put in place in prior years as a basis for ongoing economic stability.
The objective of the government on maintaining fiscal restraint while making deliberate investments in important sectors to promote equitable growth and enhance the lives of Ghanaians is reflected in the estimated spending for 2024. In his speech, the Finance Minister expressed hope for the future and reaffirmed the government’s determination to maintaining the momentum in favour of creating a powerful and affluent Ghana.
A wide range of stakeholders from different sectors will be closely examining the allocations and policies put forth by the government when the 2024 Budget is discussed and examined by the parliament.
The ultimate goal is to make sure that the estimated spending supports the general well-being of Ghanaians and is in line with national development priorities.
In conclusion, the government’s estimated 2024 spending of GHC226.7 billion, or 21.6% of GDP, shows that it is dedicated to the long-term development and economic recovery of Ghana. The government’s belief in Ghana’s capacity to maintain good growth and overcome obstacles in the upcoming year is demonstrated by Finance Minister Ken Ofori-Atta’s declaration that the recovery is genuine and here to stay.
