In his address while presenting the 2024 Budget, Finance Minister Ken Ofori-Atta announced that the government has projected a spending of approximately GHC226.7 billion, which accounts for 21.6% of the country’s gross domestic product (GDP) for the upcoming year.
Ofori-Atta emphasized that this projection reflects the government’s commitment to sustaining and further strengthening Ghana’s economic recovery.
During his speech, the Finance Minister reiterated the tangible nature of Ghana’s economic rebound, asserting that it is not a figment of imagination but a reality that is “real and here to stay.”
The minister also said the country’s economy has hit a historic milestone as it is projected to hit GHC1 trillion of GDP in 2024, says Ofori-Atta
“Mr Speaker the 2024 Budget is even more significant because we crossed the 1 trillion gross domestic product mark for the first time in our economic history.
“Let me repeat Mr Speaker, Ghana’s economy under President Akufo-Addo in 2024 final year in office is projected to be GHC1 trillion from the GHC219.5 billion that we inherited in 2016,” he added.
He emphasized the government’s determination to consolidate the progress achieved so far and outlined key strategies to drive continued economic growth in the country.
Ofori-Atta highlighted various sectors that would receive significant allocations from the projected expenditure, including infrastructure development, education, healthcare, agriculture, and job creation. These sectors are considered critical for unlocking Ghana’s long-term economic potential and fostering sustainable development.
The Finance Minister further outlined several key initiatives aimed at supporting businesses, attracting foreign investment, and promoting entrepreneurship.
He emphasized the importance of private sector participation in driving economic growth and job creation, expressing the government’s commitment to creating a conducive environment for businesses to thrive.
Ofori-Atta also acknowledged the challenges posed by global economic uncertainties, such as fluctuating commodity prices among others.
However, he expressed confidence in Ghana’s resilience and ability to navigate these challenges, citing the prudent fiscal measures implemented in previous years as a foundation for continued economic stability.
The projected expenditure for 2024 reflects the government’s focus on ensuring fiscal discipline while making strategic investments in key areas to foster inclusive growth and improve the lives of Ghanaians. The Finance Minister’s message conveyed a sense of optimism for the future, underlining the government’s commitment to sustaining the positive momentum and building a strong and prosperous Ghana.
As the 2024 Budget is debated and scrutinized by the parliament, stakeholders from various sectors will closely analyze the allocations and policies proposed by the government.
The ultimate goal will be to ensure that the projected expenditure aligns with national development priorities and contributes to the overall well-being of the Ghanaian population.
In conclusion, the government’s projected expenditure of GHC226.7 billion, equivalent to 21.6% of GDP for 2024, demonstrates its commitment to Ghana’s economic recovery and long-term development. Finance Minister Ken Ofori-Atta’s assertion that the recovery is real and here to stay signifies the government’s confidence in Ghana’s ability to sustain positive growth and overcome challenges in the coming year.