Ghana is poised to achieve an economic milestone by surpassing the GH¢1 trillion Gross Domestic Product (GDP) mark in 2024, a significant surge from GH¢219.5 billion in 2016.
Finance Minister Ken Ofori-Atta announced this groundbreaking projection during 2024 budget presentation to Parliament on November 15, 2023.
“Mr. Speaker, the 2024 Budget is even more significant because we will cross the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time in our economic history. Let me repeat, Mr. Speaker, Ghana’s economy under President Akufo-Addo’s final year in office is projected to be valued over GH¢1 trillion in 2024 from the GH¢219.5 billion in 2016,” Minister Ofori-Atta declared.
The Finance Minister underscored the government’s unwavering commitment to safeguarding the foundation for sustained economic expansion.
This foundation, built through the collective efforts of the Ghanaian people, is seen as the cornerstone for the nation’s future growth and prosperity.
The budget, outlined as a strategic blueprint for national recovery, focuses on achieving both stability and robust economic growth.
Minister of Finance Ken Ofori-Atta emphasized its role in providing a pathway toward fiscal consolidation and macroeconomic stability.
A notable inclusion is the introduction of a new debt sustainability plan, addressing the repercussions of recent Domestic Debt Operations and their impact on the financial sector.
Key policy priorities were highlighted, forming part of a 5-year Growth Strategy with specific focus on selected initiatives to be implemented over the next 14 months.
The Minister’s announcement came against the backdrop of the successful First Review of the 3-year US$3 billion IMF-ECF Programme, showcasing Ghana’s commitment to meeting international financial obligations and advancing economic reform.
The budget also allocates resources for democratic development, with a focus on supporting the conduct of the 2024 General Elections.
This move he said reaffirms the government’s dedication to transparent and accountable governance.
Acknowledging the importance of infrastructure development, Minister Ofori-Atta reiterated the government’s commitment to funding existing projects in critical sectors such as roads, rural electrification, rural telephony, IPEP, and arrears.
The Finance Minister highlighted key factors pivotal to Ghana’s economic success, including reliable energy supply, a stable Cedi, lower inflation, reduced interest rates, access to private sector credit, infrastructure provision, food security, national security, and market linkages through initiatives like the AfCFTA.
In a demonstration of openness to citizen feedback, Minister Ofori-Atta emphasized stakeholder consultations and the launch of the Ghana Mutual Prosperity Dialogue on November 2, 2023. This innovative platform aims to deepen collaboration with the private sector, ensuring that proposals and recommendations from stakeholders are reflected in the budget.
“We also launched the Ghana Mutual Prosperity Dialogue on the 2nd November,
2023, a new and innovative platform to deepen our collaboration and partnership with the private sector. The platform aims to enhance the longterm competitiveness of Ghana and increase our attractiveness as a hub for
businesses on the continent. This will have a standing committee co-chaired by MOTI/MoF and the Private Sector.I want to assure our stakeholders that we have, as much as possible, reflected the proposals and recommendations from these engagements in this Budget. There is much more to be done with the shared ideas and the Mutual Prosperity
Dialogues will be a robust and dynamic platform to inform policy”. He said.
As Ghana anticipates this historic economic milestone, the 2024 Budget emerges as a transformative roadmap, blending stability, growth, and a resolute commitment to the nation’s democratic fabric.
Source: Mybrytfmonline.com/Obed Ansah
