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Finance Minister Ken Ofori-Atta has revealed ambitious projections for Ghana’s economy under President Akufo-Addo’s final year in office.
The economy is anticipated to surge beyond GH¢1 trillion in 2024, a substantial increase from GH¢219.5 billion in 2016.
Mr. Ofori-Atta, in his presentation of the 2024 Budget Statement Economic Policy of the Government to Parliament on November 15, 2023, emphasized the government’s medium-term goals of maintaining stability and sustaining growth.
“The administration is determined to protect the economic foundation built over the past year, ensuring increased growth, currency stability, and disinflation over the medium term,” he stated.
He credited this foundation to the perseverance of the Ghanaian people and outlined the government’s commitment to enabling factors such as reliable energy supply, a stable Cedi, lower inflation, lower interest rates, private sector credit access, infrastructure development, food security, national security, and inter-continental market linkages through platforms like the AfCFTA.
Ken Ofori-Atta outlined the 2024 budget as a comprehensive medium-term policy framework focusing on recovery, stability, and growth.
It provides a pathway toward fiscal consolidation, macro stability, and a new debt sustainability approach post-domestic Debt Operations.
Minority Leader Cassiel Ato Forson
However, Minority Leader Cassiel Ato Forson criticized the budget, calling it an “insensitive and empty” representation.
Forson accused the government of leaving behind a “debt-riddled, over-taxed” economy facing hyperinflation, high food inflation, high monetary policy rates, and alleged massive corruption.
He contended that the Akufo-Addo-led NPP government is leaving a legacy of economic challenges.
Deputy Majority Leader Alexander Afenyo-Markin
Deputy Majority Leader Alexander Afenyo-Markin, however, expressed shock at Ato Forson’s critique, questioning the basis for criticisms.
He defended the Akufo-Addo government’s performance, highlighting far-reaching policies that improved the lives of Ghanaians, including the implementation of free SHS.
Afenyo-Markin asserted that the Majority is prepared for a thorough debate on the budget, countering any attempts by the Minority to discredit the Finance Minister or the government’s performance.
