LIVE UPDATES: 2024 Budget Statement

Key highlights

  • The 2024 Budget will set out the broad medium-term policy framework underpinning our approach towards recovery
    and stability with growth. 
  • We will cross the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time in our economic history.
  • Ghana’s economy under President Akufo-Addo’s final year in office is projected to be valued over GH¢1
    trillion in 2024 from the GH¢219.5 billion in 2016.
  • With such a milestone ahead of us, 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.
  • Over the past 7 years: Every sector has been positively impacted. Every household has been positively impacted by our social intervention programmes. And Every region has also been positively impacted.
  • Indeed, President Akufo Addo has deepened decentralised development by investing GH¢422.1 million
    to create and resource six new administrative regions. The most in our history since independence.
  • Consistent with our policy on preferential options for the poor, i.e. leaving no one behind, we have been historic in enhancing social mobility and protected the vulnerable in our society.
  •  In this regard, we have since 2017: improved access to quality SHS education for about 5.7 million Ghanaians by investing GH¢8.4 billion in the future of our next generation;
  • Increased enrolment and learning outcomes of 3.8 million pupils by
    investing GH¢3.6 billion in the School Feeding Programmes;
  • Reformed the NHIS to improve and expand health service delivery to 16 million Ghanaians.
  • Supported foundational education of over 6 million pupils by investing GH¢248.5 million as Capitation Grants; and improved the quality of life of about 350,000 Ghanaian households under the LEAP by investing GH¢1.2 billion.
  • We made all these investments into social mobility, not just because it was the right thing to do morally, but also because we believe it is economically essential to uplift and extend opportunities to every Ghanaian household.
  • We are confident that the record high investments we have made and continue to make over these seven years in preparing our children for a brighter future will significantly transform our society, especially by tackling the
    root cause of poverty that has afflicted many families from generation to generation. 
  • We are determined to do more to boost the capacity of the private sector to expand productivity and create jobs.
  • In the past 7 years, we have: Invested GH¢32.7 billion to keep the lights on and support the growth
    of businesses;
  • Invested GH¢25.3 billion to facilitate the repositioning of the financial sector and enhance its ability to assist business operations. To date, the Development Bank Ghana has facilitated GH¢1 billion in competitive financing for the private sector, and GIRSAL continues to mitigate risks in the agriculture sector;
  • Supported 100,000 young graduates to secure workplace experience and employment by investing GH¢2.4 billion in NABCO;
  • Invested GH¢7.1 billion to build road and transport infrastructure to improve connectivity and productivity;
  • Invested GH¢541.5 million in 169 1D1F enterprises to scale-up valueaddition and provided 140,000 additional jobs; and
  • Created over 2.3 million jobs in the private and public sectors (approximately 900,000 in the private sector and 1.4 million in the public
  • Capital spending is equally important to the future of our country, consequently we mobilised and deployed resources to: Expand the railway network, including connecting Tema to Mpakadan to promote trade on the Eastern Corridor;
  • Construct 12 fish landing sites and two (2) fishing harbours at a cost of GH¢19.5 million to promote the fishery-based livelihoods of our coastal folks;
  • Improve community infrastructure by investing GH¢2.2 billion into over 2,000 projects under the IPEP initiative;
  • Promote inner city development by spending GH¢190.3 million under the Zongo Development Fund; and
  • Expanded and improved the road network by investing about GH¢16 billion. Recording the most kilometers of roads and interchanges done in our history. 

Source: Business Desk Report

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