The Minister of Finance, Dr. Mohammed Amin Adam, presented the 2024 Mid-Year Budget Review to Parliament on Tuesday, July 23, 2024.
This is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921) which requires the minister to provide the mid-year fiscal policy review of the Budget Statement and Economic Policy of the government.
The minister touched on a number of issues including economic and fiscal performance for the first half of the year, growth measures, revenue, expenditure performance, financing, and debt sustainability.
This presentation was also crucial as the country heads to the polls on December 7, 2024, with the government expected to spend within its budget.
Additionally, budget reviews often have political implications, influencing public opinion and government popularity depending on the perceived impact on citizens' lives and the economy in general.
While Ghana remains under an IMF program for a three-year period, the challenges posed by the economic headwinds continue to persist despite the government making some gains with the hope of consolidating them.
For instance, the performance of the local currency continues to decline against major trading currencies. The cedi is currently selling at a rate that significantly impacts the cost of living and goods and services.
Read his full statement below:
Credit: ghanaweb.com