The Minister of Finance, Ken Ofori-Atta has assured investors and the public that the upcoming budget for 2024 would not lead to an increase in public spending.
Ofori-Atta emphasized the government’s commitment to staying within the International Monetary Fund (IMF) supported budget, which is set to be presented to Parliament in the coming month.
This statement comes on the back of a meeting the minister had with holders of Ghana’s international bonds in London.
Despite the approaching election year, the Finance Minister stated that the government aims to maintain the fiscal discipline and stability achieved through the Post-COVID-19 Programme for Economic Growth (PC-PEG) supported by the IMF, highlighting the positive economic indicators, such as a significant reduction in inflation and a surplus in the fiscal balance.
Ofori-Atta reassured stakeholders that the government’s priority is to ensure fiscal and debt sustainability through a wide range of policy reforms, including amendments to the Fiscal Responsibility Act, enhancing the procurement of the Integrated Tax Administration System, and focusing on financial sector reforms.
He emphasized that Ghanaians expect macroeconomic stability, low inflation, and a stabilized currency, not an increase in public spending.
The Finance Minister’s commitment to these policies aims to secure a stable and prosperous future for Ghana, as the country enters another election year with concerns about potential overspending.
Ofori-Atta expressed confidence in the government’s ability to maintain the successful implementation of the IMF-supported PC-PEG program.