The Finance Minister, Ken Ofori-Atta, has projected that Ghana’s economy will be valued at over GH¢1 trillion in 2024, during President Akufo-Addo’s final year in office.
This, he said, will be over 500% compared to the GH¢219.5 billion value recorded in 2016.
Mr. Ofori-Atta disclosed these during the presentation of the Budget Statement and Economic Policy of Government for the year ending 2024 to Parliament on Wednesday, November 15, 2023.
The government’s objective in the medium term is to maintain stability and ensure continued growth and the administration is committed to preserving the foundation that has been built for sustained expansion, which includes increased growth, currency stability, and disinflation.
The Finance Minister noted that this foundation has been achieved through the sweat and patience of the Ghanaian people and that the government is committed to protecting it for all Ghanaians, particularly for private sector growth.
“The government intends to accomplish this by ensuring that the necessary enabling factors are in place and accessible to all.”
“These factors will include reliable energy supply, stable Cedi, lower inflation, and lower interest rate regimes, access to private sector credit, infrastructure provision, food security, national security, and inter-continental market linkages through increasing active platforms such as the AfCFTA,” He said.
The 2024 budget sets out the broad medium-term policy framework underpinning the government’s approach towards recovery and stability with growth.
It provides, among other things, the pathway towards fiscal consolidation and macro-stability and sets out a new debt sustainability path after the excruciating Domestic Debt Operations with after-shocks on the financial sector.
The Akufo-Addo Government, he said, promises to maintain the discipline, compassion, and creativity required to keep the economy stable and maintain robust growth.
However, the Minority leader, Cassiel Ato Forson, was unimpressed with the Minister’s presentation and described the 2024 Budget as a true definition of an insensitive and empty budget.
He accused the government of being out of touch with the realities of the citizenry and leaving behind a bankrupt economy.
He said, “This government is leaving behind an economy that is debt riddled, is over-taxed, is experiencing hyperinflation, has high food inflation, has high monetary policy rates, is experiencing massive corruption.”
He argued the New Patriotic Party (NPP) government had said bye-bye to the Ghanaian people with President Akufo-Addo’s final budget in office and accused the Minister and the Economic Management Team led by Vice President Dr. Mahamudu Bawumia of massive and uncontrolled corruption.
Deputy Majority leader, Alexander Afenyo-Markin, expressed shock at the Minority leader’s exposition and wondered at his bravery in attacking the reputation of the Finance Minister.
According to him, Ghana suffered its worst economic downturn under Ato Forson as a Deputy Minister and his boss and demanded a basis for the criticism.
He stressed that the Majority is prepared for debate on the budget and would counter every attempt by the Minority to discredit the Finance Minister or the performance of the NPP government.