A professor of economics at the University of Ghana Business School, Godfred Bokpin has advised Ghanaians to be moderate in their expectations of government’s 2023 budget.
The country is going through economic hardship, with an International Monetary Fund (IMF) program being negotiated with efforts aimed at recovery.
Many are therefore expecting a budget and economic policy that would present sustainable solutions to the meltdown being experienced, but Prof. Bokpin tells Citi News, citizens may have to brace themselves to pay more for the much-anticipated recovery.
“This is the first most important statement that the government is hoping to make in terms of its commitment to an IMF program. To that extent, the government will have to be heavy on revenue enhancement measures and deliver on expenditure restrain. That is why you and I will have to give up [a lot] in order for government to clear its mess. We have to pay for it.”
Under fire Finance Minister, Ken Ofori-Atta will today, November 24, 2022, present the government’s 2023 Annual Budget Statement and Economic Policy to Parliament.
This is a constitutional exercise to be carried out by the Finance Minister on behalf of the President, Nana Addo Dankwa Akufo-Addo.
“In accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance will, on behalf of the President, lay before Parliament the 2023 Annual Budget Statement and Economic Policy of Government on Thursday, 24th November 2022,” a statement from the Finance Ministry announced.
The budget according to the Ministry of Finance will focus on government’s strategies to restore and stabilize the macro economy, build resilience and promote inclusive growth and value creation.
The Ministry also said it will feature updates on Ghana’s engagement with the IMF for an IMF-supported Programme; year-to-date macro-fiscal performance of the economy; the YouStart initiative under the Ghana CARES Programme; climate action strategies; fiscal measures and debt management strategies to ensure fiscal and debt sustainability and promote growth.
Ghana is currently seeking a $3 billion bailout package from the International Monetary Fund due to the current economic crisis.
Negotiations are yet to be concluded.