Government through the Ministry of Finance has engaged with stakeholders on the 2023 budget and economic statement expected to be presented by Finance Minister Ken Ofori-Atta in November this year.
The engagement which took place in Accra on Friday, October 14 2022, forms part of measures by the Ministry aimed at deepening citizen participation in the budgeting process and to ensure that the nation achieves inclusive growth and national cohesion on its policies and programmes. The engagement also afforded stakeholders the opportunity to make their inputs into the 2023 budget.
Speaking at the engagement, Deputy Finance Minister in charge of Wealth Creation, Dr. John Ampontuah Kumah indicated that such engagements have become very crucial considering the current economic turbulence being experienced both locally and globally.
“Our economy, just as many other developing and emerging economies, is still managing the pressures posed by the current global and domestic challenges such as revenue underperforming, increasing debt service as a result of growing interest payments, credit ratings downgrades and rising cost of compensation payments, among several others and considering the fact that Ghana is not expected to return to the International Capital Market, (a major financing source in recent times to augment domestic financing), anytime soon, the financing challenges currently being faced by Government is likely to persist,” he said.
The Deputy Minister however was quick to add that he is confident that all current policies and strategies being implemented and explored by the Akufo-Addo administration will help address this economic challenges.
Focus of the 2023 Budget and Economic Statement
According to Dr. John Ampontuah Kumah, government has set various focus areas in the short to medium term in order to accelerate the economic recovery of the nation.
“As we make our submissions and propose recommendation for preparation of the 2023 budget, let us be guided by the focus areas of government for the ensuing fiscal year and the medium-term: which is to restore and sustain macroeconomic stability, ensure durable and inclusive growth and promote social protection; maximize revenue mobilisation efforts by widening the tax net, enforcing compliance measures and vigorously pursuing the digitalisation agenda to minimise revenue leakages and introduce efficiency measures in the use of public funds by reducing duplication of functions among covered entities and reducing waste,” he continued.
He added that government will always welcome suggestions, recommendations and proposals that will enrich the 2023 budget.
“As a government, we believe in the culture of governance that promotes the principles of transparency and accountability and therefore these engagements enrich the budgeting process and moves us a step closer to achieving these principles. In fact, there are several engagements that have and continue to take place in different forms and with diverse stakeholders at various stages of the budgeting process. Therefore, let me assure you that these engagements are taken with the utmost seriousness that it deserves.”
The engagement was attended by representatives from SendGhana, Associationof Ghanaian Industries, Makola Women Association, Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Legon, Ghana Charismatic and Pentecostal Churches Association and several other civil society organizations, trade groups, academia who made inputs into the 2023 budget.
Presentations centered on proposed revenue options to be considered by government, reforms on social protection programmes, how government can reduce waste in the public sector, security, education, digitalization and several others.
In conclusion the deputy Minister for Finance, Hon. John Ampontuah Kumah called on stakeholders to support the 2023 budget and economic statement when it is presented and indicated that submissions that falls within the focus areas of government will be incorporated.
“We need as a country to forge together on this rebuilding path. We need to pay our taxes to enable government mobilise enough revenue to implement planned programmes especially the provision social safety nets for the poor and vulnerable. We need to support and monitor the implementation of government programmes and projects and provide feedback. We need to consume made-in-Ghana goods and services to boost local production and productivity. We need to put the country first in our day-to-day activities among others. Thank you for the continued support over the years and to reiterate the fact that we are not in normal times. And therefore, we will need your support and cooperation as we continue to push forward for economic recovery,” he said.
Also present at the engagement was the Chief Director, Ministry of Finance, Dr. Patrick Nomo, Acting Director of Budget, Thomas Appiahgyei, Coordinating Director (Operations), Miss Stella Dede Williams and several other senior officials of the Ministry.