Below are key highlights of the 2024 Budget, which seeks to advance Ghana on the path toward fiscal consolidation, macro stability and growth
- In this view the Ministry has teamed up with MIDA and in committing GH¢1 billion to ensure that our Enclave project
for import substitution is successful. - Indeed, given the potential to upscale and the multiplier effects that our small and medium-sized businesses possess, Government intends to scale up support to young entrepreneurs and fledgling businesses, with a singular aim to create
sustainable jobs across all communities. - We will, through the Ghana Mutual Prosperity Dialogue, be intentional about collaborating with the private sector and our development partners to support local businesses attract FDI and enhance the economic prospects of our people.
- We will continue to invest in on-going projects, and on the external front, we will conclude negotiations with the Official Creditor Committee to ensure that work on eligible externally funded projects resume.
- Ghana has paid its dues, has turned the corner, and getting back on track. Despite these successes, we have to do more to reinforce our stability and guarantee decent jobs with good pay for the young people. As such, through the 2024 Budget, we will deliver even more investment across the real sector to place our economy on a firm growth trajectory that will create more jobs, safeguards our climate prospects and deeply entrench Ghana as the seed country for Africa’s development renaissance.
- THe government has also invested GH¢1.7 billion in the National Identification Scheme to ensure that 17.5 million eligible Ghanaians acquire security-sensitive ID Cards. This has laid the foundation for a prosperous future where
digitalisation provides more convenience, introduces an added layer of efficiency in delivering public services, and enhances our ability to safeguard Ghana’s national interests. - 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
sector). - 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:
graphic.com
