The Minister of Finance, Ken Ofori Atta has revealed that Ghana’s economy could exceed GH¢1 trillion in 2024.
The Finance Minister, projected the country’s economic value to escalate from GH¢219.5 billion in 2016 to the historic milestone of GH¢1 trillion.
Addressing parliament yesterday, Wednesday, 15th November 2023, Mr. Ofori-Atta emphasized the significance of the 2024 Budget and said, “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 at over GH¢1 trillion in 2024 from GH¢219.5 billion in 2016.
Addressing Parliament yesterday, The Finance Minister said “Mr. Speaker, with such a milestone ahead of us, the Government is protecting, at all cost, the foundation for sustained economic expansion. A foundation that has been achieved through the sweat and patience of the Ghanaian people. We pledge to protect this for all our people and especially for private sector growth. And we shall do so by ensuring that the enabling factors are in place and accessible to all.
“These 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.”
The Finance Minister also shared that the government has allocated GH¢220 million to support the relief phase for communities affected by the Akosombo spillage and floods in the Oti, Savannah, and Bono-East Regions.
He outlined plans for the restoration phase, where additional resources from the Ministry of Agriculture would aid in rebuilding livelihoods.
The Finance Minister further projected the total revenue for the year at GH¢176.4 billion.
Mr. Ofori-Atta highlighted that government’s anticipated total expenditure would be GH¢226.7 billion, representing 21.6 percent of the Gross Domestic Product (GDP).
He noted that there would be a substantial reduction in total expenditures which would amount to 6.1 percent of GDP compared to the 2022 outturn. This reduction, he explained, results from a combination of fiscal consolidation efforts, encompassing a 4.9 percentage point adjustment in revenue and a 4.0 percentage point adjustment in primary expenditure.
In response to the crises, Ofori-Atta highlighted proactive measures, stating, “Mr. Speaker, the Government has budgeted an amount of GH¢220 million to support the relief phase for the communities affected by the Akosombo spillage as well as floods upstream in the Oti, Savannah, and Bono-East Regions. For the restoration phase, the Government through the Ministry of Agriculture will allocate additional resources to support the restoration of livelihoods.
“In addition, after the visit, the Ministry of Finance was quickened to respond. We have requested funding from the World Bank under the IDA Crisis Response Window (CRW) to support the resettlement of the victims, restoration of livelihoods, compensation and reconstruction of infrastructure in the affected communities.”
