2024 Budget: Finance Chief Ofori-Atta outlines ambitious fiscal strategy for next year

Finance Minister, Ken Ofori-Atta, in an interview on the PM Express Business Edition, unveiled a strategic roadmap that is set to underpin the 2024 budget.

The Finance Minister in the interview delineated a multifaceted approach contained in the budget and that underscores the government’s commitment to enhancing the nation’s fiscal and economic landscape.

Addressing the Cost of Doing Business

Mr Ofori-Atta emphasized the imperative of mitigating the high cost of doing business in Ghana. This, he stated, is a central focus of the 2024 budget, which will introduce an array of programs and initiatives designed to bolster the nation’s economic competitiveness.

Mitigating Taxation Concerns

Acknowledging the burdensome impact of high and numerous taxes on the private sector, Ofori-Atta assured that the forthcoming budget would be instrumental in addressing these concerns. His commitment hints at the potential for a reformed tax regime, aimed at relieving the tax burden on businesses and stimulating economic growth.

Private Sector Support

The Finance Minister underscored the pivotal role played by the private sector in the nation’s economic recovery. He assured that the concerns raised by various private sector interest groups had been duly considered and would be integrated into the 2024 budget.

Stakeholder Engagement

Extensive consultations with prominent stakeholders, including the Association of Ghana Industries, Ghana Chamber of Commerce and Industry, and the Ghana Union of Traders Association, have reaffirmed taxation as a critical concern. These consultations have further underscored the necessity for tax-related reforms.

Mutual Prosperity Dialogue

Prior to the budget presentation, Ofori-Atta disclosed an impending Mutual Prosperity Dialogue with the private sector. This consultative approach is poised to foster alignment between government objectives and private sector needs, a vital step towards ensuring economic stability and recovery.

Timely Budget Presentation

Recognizing the need for efficient planning and scrutiny, the Finance Minister unveiled the government’s plan to present the 2024 budget to Parliament by November 15, 2023, well in advance of the December 31 deadline.

IMF-Supported Economic Recovery Initiatives

The 2024 budget is set to draw inspiration from the Post COVID Programme for Economic Growth, bolstered by the IMF. This international collaboration is anticipated to play a pivotal role in reigniting Ghana’s economic vitality.

Economic Expansion and Sustainable Growth

Mr Ofori-Atta’s vision extends beyond mere recovery, encompassing economic expansion and the enduring sustainability of recent growth trends. Aspiring to achieve growth rates exceeding 2.5 percent by December 2023 signifies an ambitious economic trajectory.

Youth Employment Initiatives

Youth unemployment remains a significant challenge, and the government is unwavering in its commitment to addressing it. The Finance Minister pledged to roll out innovative programs tailored to provide gainful employment opportunities for Ghana’s youth, fostering a more inclusive economic recovery.

The Finance Minister’s revelations offer a comprehensive blueprint for the 2024 budget. The financial landscape of Ghana is poised for transformation, characterized by an invigorated private sector, economic resilience, and opportunities for the nation’s youth. The timely budget presentation, set for November 15, 2023, underscores the government’s proactive approach to economic rejuvenation.

Source: Norvanreports