We Are Living Within Our Means- Finance Minister (Full Text Of 2024 Mid-year Budget Review)

Finance Minister, Dr Mohammed Amin Adam has told parliament that Ghana is living within her means and would not seek for additional funding as he presents the 2024 mid-year budget review to the legislature.

According to him, government expenditure is within the 2024 budget appropriation which has exceeded the mid-year evenue target of 0.2 percent as of June 2024.

“We have reined in expenditures to ensure we are within 2024 Budget Appropriation and exceeded the midyear revenue target by 0.2 percent by end-June, 2024. In effect, Mr. Speaker, we are living within our means. Indeed, consistent with our programme with the IMF, we are on course to achieving a primary surplus of 0.5 percent of GDP by end of the year” he said.

He also disclosed that the country has succesfully concluded negotiation with its eurobond holders and is expected to received a debt cancellation of $4.7 billion.

“We have concluded negotiations with our Eurobond holders, covering 13.1 billion US Dollars, which will lead to a cancellation of 4.7 billion US Dollars of our debt and provide debt service relief of 4.4 billion US Dollars between 2023 and 2026″.

Dr Amin Adam who is also the Member of Parliament for Karaga also revealed that government has concluded negotiations with five out of seven Independent Power Producers (IPPs) and is expected to save some $6.6billion as a result.

“We have concluded our negotiations with five (5) of the seven (7) Independent Power Producers, which will lead to a saving of some of US$6.6 US Billion over the lifetime of the Purchasing Power Agreements (PPAs)” the finance minister told lawmakers.

Read the full statement below: