Close this search box.

As it happened: Finance Minister presents 2024 budget


Finance Minister, Ken Ofori-Atta has presented government’s 2024 Budget Statement and Economic Policy in Parliament.

This presentation outlined strategies for revenue generation and policies to address current economic challenges.

Join us as we bring you updates of the Minister’s presentation to legislators today.

Parliament marks roll call

Some members of parliament, including Williams Okofo-Dateh, MP Jaman South, communicated to Speaker of Parliament Alban Bagbin, that they were present in the chamber on Tuesday, November 14; however, they had been marked absent. The speaker then directed the table office to take note and make the necessary corrections. Some issues brought to the speaker’s attention were the spelling of names and the VRA probe, which was not captured, among others. 

Parliament pays tribute to former First Lady Theresa Kufuor

Members of Parliament have mourned the demise of former First Lady, Theresa Kufuor who died aged 87 on Sunday.

Theresa, the wife of former President John Agyekum Kufuor died at her home in Peduase on Sunday, October 1, 2023.

“Ghana has really lost a mother.”

MP for the Dome-Kwabenya constituency, Sarah Adwoa Safo.

“Madam Theresa Kufuor was an exemplary woman.”

Mohammed Mubarak Muntaka, Asawase MP.

Ofori-Atta arrives in Parliament to present the budget.

Speaker Alban Bagbin suspends proceedings for 10 minutes to allow Finance Minister join Members of Parliament in the chamber.

Finance Minister Ken Ofori-Atta moves for parliament to approve budget and submits statutory reports for 2023 Annual Report on Petroleum Funds, and the 2023 Report on the Utilisation of the African Union Levy.

Quoting Psalm 103.2, Finance Minister Ken Ofori-Atta expressed his immense gratitude to God, the Speaker, and Members of Parliament.

“Bless the LORD, O my soul: and all that is within me, bless his holy name. Bless the LORD, O my soul, and forget not all his benefits.”

Full text of 2024 budget here:


  1. Right Honourable Speaker, Honourable Members of Parliament, on the
    authority of His Excellency the President Nana Addo Dankwa Akufo-Addo and
    pursuant to Article 179 of the 1992 Constitution of the Republic of Ghana and
    Section 21(3) of the PFM Act 2016 (of ACT 921), I respectfully present to you
    the Budget Statement and Economic Policy of Government for 2024 Financial
  2. Mr. Speaker, I beg to move that this august House approves the Financial Policy
    of the Government of Ghana for the year ending 31st December, 2024.
  3. Respectfully, I also submit to this Honourable House the following statutory
    i. The 2023 Annual Report on the Petroleum Funds, in line with Section 48
    of the Petroleum Revenue Management Act, 2011 (Act 815), (as
    amended); and
    ii. The 2023 Report on the utilisation of the African Union Levies, pursuant
    to Section 7 of the African Union Import Levies Act, 2017 (Act 952).
  4. Mr. Speaker, this Budget Speech is an abridged version of the 2024 Budget
    Statement and Economic Policy of Government. We have also developed a more
    detailed update on sectoral performance in a ‘Volume II’ document. I request
    the Hansard Department to kindly capture these documents as the Budget
    Statement and Economic Policy of Government for the financial year 2024.
    Immense Gratitude
  5. Mr. Speaker, I stand here today to present the 2024 Budget, which seeks to
    advance us on the path toward fiscal consolidation, macro stability and growth
    that began a year ago.
  6. Mr. Speaker, I first want to take the opportunity to express immense
    appreciation to H.E the President for the privilege to present the national
    Budget on his behalf over the past 7 years. More importantly I want to express
    my profound gratitude to God for his grace, mercy and favour toward our
    Nation. Together with the Psalmist, let us say “Bless the Lord, O my soul; And
  7. all that is within me, bless His holy name! Bless the Lord, O my soul, And forget
    not all His benefits” [Psalm 103:1-2].
  8. Mr. Speaker, I also wish to express my deep appreciation to you, Right Hon.
    Speaker, and the Hon. Members for their support over the years. We have not
    always agreed, but we always eventually find common ground in the interest
    of the Republic and we should this collaboration.
    A Difficult Context
  9. Mr. Speaker, almost a year ago on Thursday, 24th November, 2022, I presented
    the 2023 Budget and, as always, gave an honest and forthright update on the
    economy, highlighting the extent of the challenges facing our country. Indeed,
    a month before, H.E. the President also pointed out that, never have so many
    malevolent forces come together, in a perfect storm, to impact our lives so
    dramatically. Key macroeconomic indicators then, were uninspiring.
  10. Against that backdrop, I then presented Government’s plan of recovery,
    focusing on:
    i. restoring macro-economic stability;
    ii. coordinating an equitable debt operation programme;
    iii. ensuring that the vulnerable are well protected;
    iv. negotiating a strong IMF programme;
    v. a strong private sector growth agenda; and
    vi. attracting significant green investments to promote growth.
  11. Mr. Speaker, in two (2) out of the last 7 years (2020-2022) the Ghanaian
    economy has faced challenges. The economy, growing at an average of 7
    percent with a single-digit inflation, declining interest rates and a stabilising
    currency, suffered unforeseen shocks like many other economies. GDP growth
    slumped from 6.5 percent in 2019 to 0.5 percent in 2020 – as the lockdown
    and closure of businesses and the ports had a devastating effect on the
    economy, triggering a cost-of-living crises that has made lives difficult for the
    Ghanaian people. Though bartered and bruised, we are not broken and our
    resilience is manifesting.
  12. Mr. Speaker we also saw the damaging effects that the economic downturn
    had on Ghana’s already stretched revenues. This was even made worse by the
    additional expenditures that were required during the covid-19 Pandemic to
    ensure that life and livelihoods were protected.
  13. Mr. Speaker, 2020 was also in an election year. The first ever election in the
    Fourth Republic with zero donor funding. However, Government’s sensitivity to
    our people was remarkable: No lay-offs in the public service; salaries were
    dutifully paid over the year; and free water and electricity for the entire
    population was provided, especially for life-line consumers. Indeed,
    Entrepreneurship was not ignored as GH¢600 million of CAPBuSS from GEA was
    effectively deployed.
  14. Mr. Speaker, permit me to clarify that the disruption to our macroeconomic
    path over the last few years was not peculiar to Ghana. The global disruption
    to supply chains, adjustment to new forms of work, and shifts in demand
    produced some of the most cataclysmic effects on inflation and growth
    worldwide. This set-off the worst form of global cost of living crises since World
    War II.
  15. In the US, inflation surged from a low of 1.8 percent in 2019 to 6.5 percent by
    2022 and is currently at 3.7 percent. We have seen this reflect in interest rate
    decisions by the US Federal Reserve and also in benchmark yields. The yield on
    the 10-year US Treasury instrument is currently at 4.6 percent compared to 1.4
    percent two (2) years ago. This is an economy whose currency is the global
    reserve currency. We see similar trends in the Eurozone and also in the UK.
    Inflation in the UK was 1.7 percent in 2019 and was recorded at 11.1 percent
    in October 2022, a 41-year high.
    Changing The Narrative
  16. Mr. Speaker, in the Mid-Year Review, I informed this House that we had started
    turning the corner. Today, it is evident that:
    i. We turned the corner when inflation started declining from 54.1 percent
    in December 2022 to 35.2 percent in October 2023;
    ii. We turned the corner when, despite a 1.5 percent projected growth, the
    economy galloped at a remarkable pace, and clocked an average of 3.2
    percent growth in the first two quarters of the year;
    iii. We turned the corner when the currency, which had been under severe
    pressure over the past two years, depreciated by a modest 6.4 percent
    cumulatively from February to date, compared to 53.9 percent over the
    same period in 2022. The performance of the Cedi is also a reflection of
    the fact that confidence is back, revenues have improved, and that the
    recovery is indeed real and is here to stay;
    iv. We turned the corner when companies started going back to the job
    markets to hire workers;
    v. We turned the corner when the International credit rating agencies,
    which have not been favourable to Ghana in recent years, started being
    positive about our economy; and
    vi. We turned the corner when the Banking industry started to record and
    report a profit-after-tax growth of 43.8 percent (GH¢6.2 billion);
    vii. We turned the corner when in record time we completed the IMF 1st
    Staff Review of 6 Performance Criteria, 3 Indicative Targets and 3
    Structural Benchmarks
  17. Our task now and in the medium-term is two-fold: to maintain stability and to
    keep on growing. We are determined to remain on this course of increased
    growth, currency stability, and disinflation over the medium-term. Our future
    growth prospects are certainly brighter. And I am confident that this ”Nkunim”
    Budget will ensure that we boldly walk on a sustainable path toward creating
    decent jobs and wealth for our people. For with national dedication, the Lord
    will continue to give us treasures of dark places and hidden riches in secret
  18. Mr. Speaker, our promise to all stakeholders, in particular to the people of
    Ghana is that, the Akufo-Addo Government is determined to maintain the
    discipline, compassion, and creativity required to keep the economy stable and
    maintain the robust growth.
    Stability with Growth
  19. Mr. Speaker, today, I accordingly present the 2024 Budget to set out the broad
    medium-term policy framework underpinning our approach towards recovery
    and stability with growth. Among other things:
    i. It provides the pathway towards fiscal consolidation and macro stability;
    ii. It sets out a new debt sustainability path after the excruciating Domestic
    Debt Operations with after-shocks on the financial sector;
    iii. It outlines the policy priorities underpinning our 5-year Growth Strategy
    with focus on selected initiatives over the next 14-months;
    iv. It comes just after the successful First Review of the 3-year US$3 billion
    IMF-ECF Programme where we reached a Staff Level Agreement on
    Ghana’s performance in meeting the 6 Quantitative Performance Criteria,
    2 out of 3 Indicative Targets, and 6 out of 7 Structural Benchmarks due
    at the end of September 2023; and
    v. It deepens our democratic development by prioritising resources for
    institutions to support the conduct of the 2024 General Elections.
    vi. It commits to funding existing projects in roads, rural electrification, rural
    telephony, IPEP and arrears.
  20. Mr. Speaker, the 2024 Budget is even more significant because we will cross
    the GH¢1 trillion Gross Domestic Product (GDP) mark for the first time
    in our economic history. Let me repeat, Mr. Speaker, 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.
  21. Mr. Speaker, 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.
  22. Mr. Speaker, fundamentally, this is a Government that is self-aware, reflective
    and has been open throughout the process to incorporating citizens feedback
    in preparing this Budget, and as in previous years, we have prioritised
    stakeholder consultations. Consequently, we engaged with and obtained
    valuable inputs from key stakeholders, including investors, traders, academia,
    organised labour, civil society organisations, bankers, development partners,
    faith-based organisations, and a cross-section of the leadership and other
    honourable Members of Parliament.
  23. We also launched the Ghana Mutual Prosperity Dialogue on the 2nd November,
    2023, a new and innovative platform to deepen our collaboration and
    partnership with the private sector. The platform aims to enhance the longterm competitiveness of Ghana and increase our attractiveness as a hub for
    businesses on the continent. This will have a standing committee co-chaired by
    MOTI/MoF and the Private Sector.
  24. I want to assure our stakeholders that we have, as much as possible, reflected
    the proposals and recommendations from these engagements in this Budget.
    There is much more to be done with the shared ideas and the Mutual Prosperity
    Dialogues will be a robust and dynamic platform to inform policy.
    Akosombo Dam Spillage
    25.Mr. Speaker, in the last few months, we have been witnesses to the devastating
    impact of the Akosombo Dam spillage. This follows excessive rainfall recorded
    in several parts of the country. To preserve the structural integrity of the dam,
    the Volta River Authority commenced controlled spilling on 15th September,
  25. This led to the flooding of downstream communities in parts of the Volta,
    Eastern, and Greater Accra regions. The heavy rainfall also caused flooding
    upstream of the Akosombo dam, and impacted communities in the Savanna,
    Oti, and Bono-East Regions.
    26.Government through VRA, NADMO, and various agencies under the 13-member
    high level inter-ministerial committee, (comprising of the Ministries of Energy,
    Finance, Local Government, Environment, Interior, Health, Sanitation & Water
    Resources, Defense, Roads & Highways, Education, Information, Health, and
    Gender) have subsequently provided various forms of support to the impacted
    communities. This support included food and related items, drinks, mattresses,
    mosquito nets and coils, clothes, baby food and diapers, sanitary pads, treated
    water services and storage tanks, solar lamps, sanitation services, restoration
    of utility services, and some social infrastructure.
    27.Mr. Speaker, the visit of the officials of the Ministry of Finance and myself, in
    collaboration with VRA, to the victims of the Akosombo Dam Spillage in Mepe
    was truly revealing and sobering. Indeed, we empathise with the families that
    have been affected and displaced by the spillage. We met victims, townsfolks,
    children, the chiefs and of course Honourable Okudzeto.
    28.Mr. Speaker, Government has budgeted an amount of GH¢220 million to
    support the relief phase for the communities affected by the Akosombo spillage
    as well as floods upstream in the Oti, Savannah, and Bono-East Regions.
    29.For the restoration phase, Government through the Ministry of Agriculture will
    allocate additional resources to support the restoration of livelihoods.
    30.In addition, the Ministry of Finance, after the visit was quickened to respond.
    We have requested funding from the World Bank under the IDA Crisis Response
    Window (CRW) to support the resettlement of the victims, restoration of
    livelihoods, compensation and reconstruction of infrastructure in the affected
    31.Mr. Speaker, we recognise the place of climate policy and financing to help
    address the long-term effects of climate change on victims of drought, flooding,
    and other adverse weather events. Accordingly, the Ministry has applied to the
    Global Shield Against Climate Risk Fund, an initiative launched by President
    Nana Akufo-Addo and Chancellor Olaf Scholz during the COP 27 in Sham ElSheikh, to access some financial resources to support communities upstream
    and downstream of the Akosombo Dam.
  26. I convey the sincere appreciation of H.E. The President and the entire
    Government to all groups and individuals who have empathised with, and
    supported the affected families. It is in this same spirit that we must continue
    to be grateful to God that no lives have been lost due to the devastating spillage
    from the Akosombo Dam.
    Investing for Transformation
  27. Mr. Speaker, we have worked hard and invested significant resources. And
    being sure of this knowledge, I can confidently assert that 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 AkufoAddo 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.
  28. 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:
    i. Improved access to quality SHS education for about 5.7 million
    Ghanaians by investing GH¢8.4 billion in the future of our next
    ii. Increased enrolment and learning outcomes of 3.8 million pupils by
    investing GH¢3.6 billion in the School Feeding Programmes;
    iii. Reformed the NHIS to improve and expand health service delivery to 16
    million Ghanaians.
    iv. Supported foundational education of over 6 million pupils by investing
    GH¢248.5 million as Capitation Grants; and
    v. Improved the quality of life of about 350,000 Ghanaian households
    under the LEAP by investing GH¢1.2 billion.
  29. Mr. Speaker, 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. Mr. Speaker, having a child pursuing a university degree is no more
    a purview for the rich but for all strata of our society.
  30. Mr. Speaker, we believe it has been seven years of grace and positive impact.
    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:
    i. Invested GH¢32.7 billion to keep the lights on and support the growth
    of businesses;
    ii. 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;
    iii. Supported 100,000 young graduates to secure workplace experience
    and employment by investing GH¢2.4 billion in NABCO;
    iv. Invested GH¢7.1 billion to build road and transport infrastructure to
    improve connectivity and productivity;
    v. Invested GH¢541.5 million in 169 1D1F enterprises to scale-up valueaddition and provided 140,000 additional jobs; and
    vi. 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
  31. Mr. Speaker, capital spending is equally important to the future of our country,
    consequently we mobilised and deployed resources to:
    i. Expand the railway network, including connecting Tema to Mpakadan to
    promote trade on the Eastern Corridor;
    ii. 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
    iii. Improve community infrastructure by investing GH¢2.2 billion into over
    2,000 projects under the IPEP initiative;
    iv. Promote inner city development by spending GH¢190.3 million under the
    Zongo Development Fund; and
    v. Expanded and improved the road network by investing about GH¢16
    billion. Recording the most kilometers of roads and interchanges done
    in our history.
  32. Mr. Speaker, we 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
    our national interests.
  33. Mr. Speaker, I want to stress at this juncture that GHANA HAS PAID ITS DUES,
    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.
  34. Mr. Speaker, 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.
  35. 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.
  36. 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. 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.
  37. Mr. Speaker, I am happy to announce that YEA is about concluding negotiation
    with CCI, the business process outsource (BPO) operator in sub-Saharan Africa
    for the establishment of a call centre that can see the direct creation of 20,000
    local jobs for our young graduates. Office space has already been secured. Our
    goal is to realise Ghana’s potential to become a global BPO powerhouse,
    employing over 250,000 Ghanaians over the next few years. Ultimately, our
    ambition remains to build an entrepreneurial nation and create an additional
    minimum of 1 million jobs for the Ghanaian youth over the near-term. We have
    done this before with 2 million jobs in years, but we must move faster.
  38. Mr. Speaker, we are also positioning a generation of Ghanaians to secure our
    leadership in the global arena. Today, our country hosts the headquarters of
    the AfCFTA. We also have a privileged position in leading the climate change
    charge. As the agreed host of the Climate Vulnerable Forum (CVF) Secretariat,
    we are galvanising the coalition of 68 nations and 1.7 billion people to shape
    the climate discourse and secure resources for a just energy transition.
  39. Mr. Speaker, that is the promise of this Budget. And we will keep our eyes
    firmly fixed on the future and build lasting prosperity for this and the next
    generation. Mr. Speaker, as members recall, we came into government in 2017,
    in a period of despondency and meagre resources of 2 fish and 5 loaves. Today,
    we can only marvel at how far the Lord has multiplied our resources.
  40. I will now proceed to update the House on the macro-fiscal performance of the
  41. Mr. Speaker, global economic recovery remains sluggish primarily due to a
    confluence of setbacks, including the lingering effects of supply-chain
    disruptions and geopolitical events, and the increasing cost of living across
    many economic blocs. The disruptions in energy and food prices, and efforts to
    combat record-high inflation through tightening global monetary policies, have
    considerably slowed down economic activity globally.
  42. According to the International Monetary Fund’s October 2023 World Economic
    Outlook (WEO), global economic growth is anticipated to decelerate from 3.5
    percent in 2022 to 3.0 percent in 2023 and, at best, to 2.9 percent in 2024.
    These projections are noticeably lower than the pre-pandemic historical
    average of 3.8 percent from 2000 to 2019. Projections of 3.1 percent global
    growth over the medium -term are the lowest in decades, and the prospects
    for countries to achieve higher living standards are rather bleak.
  43. Mr. Speaker, the IMF’s October 2023 Regional Economic Outlook for SubSaharan Africa indicates that the contagion effects of developments within the
    region have resulted in a projected slowdown in the region’s growth for the
    second year in a row to 3.3 percent in 2023, from 4.7 percent in 2021 and 4.0
    percent in 2022. The region is, however, expected to recover in 2024, with
    growth bouncing back to 4.0 percent, propelled by a pickup in four-fifths of the
    countries in the region, spearheaded by relatively strong performances in nonresource-intensive countries.
  44. Global inflation (CPI-based average annual) is expected to gradually decline
    because of monetary tightening and declining international commodity prices.
    Global inflation is projected to fall from its peak of 8.7 percent in 2022 to 6.9
    percent in 2023 and further 5.8 percent in 2024.
  45. Mr. Speaker, in Sub-Saharan Africa, inflation is decreasing, albeit still at
    historically high levels. According to recent available data, over 40 percent of
    countries have consistently witnessed a decline in inflation for at least two
    months. On average, countries with flexible exchange rate regimes have
    experienced stronger inflation pressures compared to countries operating fixed
    exchange regimes. As of July 2023, nearly one-third of the region’s economies
    still had inflation rates in double digits. Inflation in SSA is anticipated to rise
    from 14.5 percent in 2022 to 15.8 percent in 2023 before it drops to 13.1
    percent in 2024.
  46. Mr. Speaker, Macroeconomic imbalances are also improving, evidenced by
    falling inflation in most parts of the region. However, a slowdown in reform
    efforts, a rise in political insecurity within the region, and external downside
    risks (including China slowing down) could undermine growth.
    Overview Of Macroeconomic Performance (Q1-Q3 2023)
  47. Mr. Speaker, please permit me to present macroeconomic performance for the
    first three (3) quarters of 2023 within the context of the targets that were set
    in the 2023 Mid-Year Fiscal Policy Review. Before I proceed, it is important I
    restate the targets we set in the 2023 Mid-Year Fiscal Policy Review. These
    i. Overall Real GDP growth of 1.5 percent;
    ii. Non-Oil Real GDP Growth rate of 1.5 percent;
    iii. End-period inflation of 31.3 percent;
    iv. Overall Balance (commitment) of -5.7 percent of GDP;
    v. Primary Balance (commitment basis) of -0.5 percent of GDP; and
    vi. Gross International Reserves (Excluding oil funds, encumbered assets,
    and pledged assets) sufficient to cover at least 0.8 months of imports of
    goods and services by end-2023.
  48. Mr. Speaker, provisional macroeconomic data on the performance of the
    economy for the period Q1-Q3 2023 demonstrated Government’s relentless
    commitment to keep the corner turned. The IMF rightly described Ghana’s
    recent macroeconomic performance in the first review as “compelling
    performance”. Honorable Members may wish to refer to the IMF’s Press Release
    numbered (PR23/339) and dated 6th October, 2023 for this update.
  49. As I indicated during the 2023 Mid-Year Fiscal Policy Review, the prompt
    deployment of strong fiscal and monetary policy measures largely accounts for
    the continued macroeconomic stability and economic recovery. Growth in 2023
    has been more resilient than earlier expected, inflation has been on the decline,
    the fiscal and external balances have improved, and the exchange rate has
  50. Mr. Speaker, Government introduced the Gold-For-Oil (G4O) Policy in 2022.
    The Policy, which leverages the Bank of Ghana’s domestic gold purchase
    programme was intended to provide foreign exchange financing for the
    importation of petroleum products and help reduce demand for US dollars from
    the Bulk Import Distribution and Export Companies (BIDECs) who would have
    otherwise gone to the market to source forex for the importation of petroleum
    57.Since then, under the gold for reserves programme, the Bank of Ghana has
    purchased a total amount of 17.89 tons (US$1,140m) of gold to boost its gold
    reserves. In addition, under the G4O programme, 23 cargoes (circa 800,000
    metric tonnes) of Gasoline and Gasoil, equivalent to 30 percent of national
    consumption, have so far been imported. The G4O Programme has significantly
    contributed to the stabilisation of the cedi/dollar exchange rate (GH¢17 in
    November 2022 to GH¢12 in November 2023 to the dollar) leading to a
    reduction in the ex-pump price of diesel from GH¢23 per litre to GH¢12 per
    58.The plan is to scale up the programme to cover 50 percent of national
    consumption. These interventions have boosted gross reserves of the Bank of
    Ghana and helped reduced foreign exchange pressures emanating from BIDECs
    by reducing their dependance on the foreign exchange interbank market
    thereby leading to a more stable cedi and ex-pump petroleum prices this year.
  51. Mr. Speaker, I will now update the House on the performance of our
    macroeconomic indicators:
    i. Real GDP growth averaged 3.2 percent in the first half of 2023 compared
    to 2.9 percent in same period in 2022, signaling a strong rebound.
    Robust growth in the Services (avg. 6.3%) and Agriculture (avg. 6.2%)
    sectors were the key drivers. It is instructive to note that the average
    growth of 3.2 percent for the first two quarters of 2023 is higher than
    the 2023 revised growth target of 1.5 percent.
    ii. Price developments indicate that inflation is on a declining path in
    response to ongoing fiscal consolidation, appropriate tightening of
    monetary policy, and relative stability in the exchange rate. Headline
    Inflation declined by 16 percentage points, from 54.1 percent in
    December, 2022 to 38.1 percent in September, 2023. Core inflation has
    also declined sharply from 53.2 percent in December 2022 to 39.0
    percent in September 2023. Just yesterday, when I was preparing to
    come here, the Ghana Statistical Service announced that the inflation for
    October 2023 is 35.2 per cent.
    iii. The Cedi has stabilised against the US dollar since early 2023 with a
    year-to-date, cumulative depreciation of 25.7 percent compared to 54.1
    percent over the same period in 2022. Specifically, the cedi has only
    depreciated by 6.4 percent on cumulative basis since February 2023
    compared to 53.9 percent over same period in 2022. The stability of the
    Cedi largely reflects the positive impact from the restoration of economic
    activity, including robust economic growth, improvement in the current
    account position, improvement in forex liquidity following IMF ECF
    inflows, Bank of Ghana’s domestic gold purchase programme, and
    reduced speculative FX speculative demand as market confidence
    iv. Gross International Reserves (GIR) as at September 2023 stood at
    US$5.0 billion (2.3 months import cover) compared to US$6.3 billion (2.7
    months of import cover) at end-December, 2022. We are yet to reflect
    IMF/WB and Cocoa syndication of approximately $2 billion by year end.
    v. The current account turned positive at 1.1 percent of GDP at end-June
    2023, a monumental turnaround from the deficit of 2.1 percent of GDP
    at end-December 2022. Likewise, the trade balance improved to a
    surplus of 2.6 percent of GDP as of end-August 2023, from 0.7 percent
    of GDP surplus at end-December 2022.
    vi. Though interest rates moderated from December 2022 to the first
    quarter 2023, they picked up again as T-bills remained the key debt
    instrument in the debt market after the DDEP. For instance, the 91-day
    Treasury declined from 35.5 percent in December 2022 to 18.5 percent
    in March 2023, but increased to 29.8 percent as of Monday, 13th
    November, 2023.
    vii. The Overall budget deficit on commitment basis as of end-August 2023
    was a deficit of 3.0 percent of GDP, outperforming the targeted deficit
    of 4.6 percent of GDP. The outturn largely reflects improvement in
    revenue mobilisation and slower execution of expenditure. The
    corresponding primary balance on commitment basis was a deficit of 0.7
    percent of GDP, also outperforming the target surplus of 0.9 percent of
    viii. Public debt accumulation has slowed down significantly, as Government
    continued to consolidate its public finances, and also reflects the impact
    of the domestic debt exchange programme, and the ongoing external
    debt restructuring. Total public debt has declined from 73.1 percent of
    GDP at the end of 2022 to 66.4 percent of GDP as of September, 2023.
    The completion of external debt restructuring is expected to further
    improve Ghana’s debt situation.
    Fiscal Developments
    Summary of Fiscal Performance January-August 2023
  52. Mr. Speaker, the 2023 fiscal framework was revised during the 2023 Mid-Year
    Fiscal Policy Review to reflect updated macro-fiscal developments and align
    with the fiscal adjustment path under the IMF-supported PC-PEG path.
  53. Mr. Speaker, the fiscal performance for the first eight months of the year, using
    provisional data, shows significant progress toward a stronger fiscal
    consolidation. More specifically:
    i. Total Revenue and Grants was GH¢79.1 billion (9.3 percent of GDP), 2.8
    percent lower than the programmed target of GH¢82.2 billion (9.6
    percent of GDP);
    ii. Total Expenditure (Commitment) was GH¢104.6 billion (12.2 percent of
    GDP), 14.1 percent lower than the target of GH¢121.8 billion (14.2
    percent of GDP);
    iii. Primary Expenditure (Commitment) was GH¢84.7 billion (9.9 percent of
    GDP), 6.0 percent lower than the target of GH¢90.1 billion (10.5 percent
    of GDP);
    iv. Primary Balance (Commitment) was a deficit of GH¢5.5 billion (0.7
    percent of GDP) compared to the target deficit of GH¢7.9 billion (0.9
    percent of GDP);
    v. Overall Fiscal Balance (Commitment) was a deficit of GH¢25.4 billion (3.0
    percent of GDP) compared the target deficit of GH¢39.6 billion (4.6
    percent of GDP); and
    vi. Overall Fiscal Balance (Cash) was a deficit of GH¢26.1 billion (3.0 percent
    of GDP) compared the target deficit of GH¢44.6 billion (5.2 percent of
  54. Mr. Speaker, based on the overall macroeconomic objectives and the mediumterm targets, the following macroeconomic targets are set for the 2024 fiscal
    i. Overall Real GDP growth of at least 2.8 percent;
    ii. Non-Oil Real GDP growth of at least 2.1 percent;
    iii. End-Period inflation rate of 15.0 percent;
    iv. Primary Balance on Commitment basis of a surplus of 0.5 percent of
    GDP; and
    v. Gross International Reserves to cover not less than 3.0 months of
    Fiscal Sector in 2024 and the Medium Term
  55. Mr. Speaker, the 2024 and medium-Term fiscal framework has been prepared
    in line with the objectives and policy priorities of our 3-year IMF-Supported PCPEG. The Primary Balance on commitment basis is the fiscal anchor we are
    using to assess our fiscal effort. Over the medium-term, we plan to improve
    the primary balance (commitment) from a deficit of 4.3 percent of GDP in 2022
    to a deficit of 0.5 percent of GDP in 2023. The primary balance is expected to
    improve further to a surplus at 0.5 percent of GDP in 2024 and to 1.5 percent
    of GDP from 2025 onwards.
    Resource Mobilisation for 2024
  56. Mr. Speaker, Total Revenue and Grants is projected at GH¢176.4 billion (16.8
    percent of GDP) and is underpinned by permanent revenue measures largely
    Tax revenue measures amounting to 0.9 percent of GDP.
    Resource Allocation for 2024
  57. Total Expenditure (commitment) is projected at GH¢226.7 billion (21.6 percent
    of GDP). This projection reflects a reduction of 6.1 percentage points of GDP in
    total expenditures (commitment basis) relative to the outturn in 2022. This
    large decrease comes from the combination of fiscal consolidation efforts of 4.9
    percentage points of GDP, reflecting an adjustment in revenue by 1.0
    percentage point and primary expenditure by 4.0 percentage point of GDP. The
    potential interest rate saving from the ongoing external debt operation will
    further bolster public finance sustainability.
    Budget Balances and Financing Operations for 2024
  58. Mr. Speaker, based on the estimates for Total Revenue & Grants and Total
    Expenditure (including arrears clearance), the overall Budget balance to be
    financed is a fiscal deficit of GH¢ 61.9 billion, equivalent to 5.9 percent of GDP.
    The corresponding Primary balance is a deficit of GH¢5.9 billion, equivalent to
    0.6 percent of GDP.
    Revenue Measures
    Property Rates
  59. Mr. Speaker, the Ministry of Finance, acting through the Ghana Revenue
    Authority (GRA) as per Section 4 of the Ghana Revenue Authority Act, 2009
    (Act 791), introduced the property rate reform project. The objective was to
    develop a unified common platform capable of billing, collecting, and reporting
    property rates nationwide.
  60. The statistics highlight the impact of this initiative. The number of billable
    properties has seen a substantial increase, with a pre-2023 count of 1.3 million
    properties escalating to 12.42 million representing an 856 percent surge in
    properties identified that can now be properly billed. Similarly, the identification
    of registered persons and entities associated with billable properties has
    increased by 831 percent, from 186,542 to 15.68 million.
  61. Bills are currently available online for properties that have been successfully
  62. Despite these achievements, the initiative has encountered some challenges
    thus making it difficult for the relevant bodies including the Metropolitan,
    Municipal and District Assemblies to have access to their share of the property
    rate collections on time.
  63. Mr. Speaker, to address these challenges, Government is reviewing the overall
    structures and processes to determine the optimal way forward. In the interim,
    Districts will resume collection until these challenges are resolved.
    Tax Reliefs
  64. Mr. Speaker, our approach to tax policy since 2017 was to give significant relief
    to the private sector until expenditure pressures from 2020 required a more
    aggressive approach. It is important to note that in the short-term, fiscal
    sustainability requires that we improve our tax ratios significantly otherwise,
    our long-term competitiveness will be eroded. As we all know, our country’s 13
    percent tax-to-GDP ratio is far below our peers. Our target is 18-20% and we
    are on course.
  65. In that regard, it is difficult to implement all the structural reforms and tax
    reliefs needed to immediately lower and/or eliminate certain tax handles.
    However, I assure this August House, that we have heard, we believe in lower
    taxes for industry, and we are working at this aggressively with the GRA and
    to be cemented with the standing committee of the Mutual Prosperity Dialogue.
  66. Mr. Speaker, further to the above, the following reliefs have been prioritised for
    i. Extend zero rate of VAT on locally manufactured african prints for two
    (2) more years;
    ii. Waive import duties on import of electric vehicles for public
    transportation for a period of 8 years;
    iii. Waive import duties on semi-knocked down and completely knocked
    down Electric vehicles imported by registered EV assembly companies in
    Ghana for a period of 8 years;
    iv. Extend zero rate of VAT on locally assembled vehicles for 2 more years;
    v. Zero rate VAT on locally produced sanitary pads;
    vi. Grant import duty waivers for raw materials for the local manufacture of
    sanitary pads;
    vii. Grant exemptions on the importation of agricultural machinery
    equipment and inputs and medical consumables, raw materials for the
    pharmaceutical industry;
    viii. A VAT flat rate of 5 percent to replace the 15 percent standard VAT rate
    on all commercial properties will be introduced to simplify administration.
  67. To address the negative externalities of plastic waste and pollution,
    Government will review and expand the Environmental Excise Duty to cover
    plastic packaging, and industrial and vehicle emissions.
  68. Mr. Speaker, the Stamp Duty Act, 2005 (Act 689) has not been reviewed since
    its enactment in 2005. To realign the rate with current economic realities,
    Government, in 2024, will review the rates and fees for stamp duties. The bands
    subject to ad valorem taxes will be expanded while the specific rates will be
    reviewed upwards.
  69. A simplified tax return will be introduced as a means of promoting voluntary
    compliance as part of the modified taxation scheme for individuals in the
    informal sector. This approach will make it easier for taxpayers to fulfil their tax
    obligations to the State.
  70. Mr. Speaker, the Tripartite Committee has concluded negotiations on the
    National Daily Minimum Wage. The tax-free portion of the Individual Income
    Tax rates will accordingly be adjusted to take care of the change. Government
    recognises the constraints our medical personnel face in providing health care
    for our citizens. With the passage of the Exemptions Act, Government will
    engage the Ghana Medical Association on waivers for importation of vehicles
    to ease the transportation burden of our doctors. This policy will enable them
    to deliver quality and timely healthcare.
  71. Mr. Speaker, as a Government, we have always been committed to protecting
    the quality of life of our people. Total Wages and Salaries for workers has
    increased from GH¢14.7 billion in 2016 to GH¢37.5. All workers were paid full
    wages and salaries and on time, even when revenues plummeted during the
    COVID-19 Pandemic. In the difficult economic challenges, we paid 15 percent
    Cost of Living Allowance (COLA) for 6 months in 2022 to cushion 949,122
    workers, some 50 percent more than 2016.
    Expenditure Measures
    Spending Arrears Clearance and Prevention Strategy
  72. Mr. Speaker, as reported in the 2023 Mid-Year Fiscal Policy Review of the 2023
    Budget Statement and Economic Policy of Government, a Spending Arrears
    Clearance and Prevention Strategy was developed and approved by Cabinet for
    implementation. This is part of the measures to achieve the objective of
    bringing public finances back on a sustainable path through improved efficiency
    in public spending.
  73. To clear the existing stock of arrears, the Ghana Audit Service has begun the
    verification and validation of the arrears identified as at end-December 2022
    before payments are made.
  74. Mr. Speaker, to prevent the accumulation of new arrears, Government has put
    in place the following measures to enhance commitment controls and prevent
    the accumulation of arrears.
    i. Alignment of the quarterly budget allotments with cash flow forecast and
    tighten the use of allotments as a control on the GIFMIS rather than the
    budget starting with the 2024 budget.
    ii. MDAs will be required to revise their cash plans on a quarterly basis to
    reflect the allotments received over the year and remaining
    requirements. The Cash plan module on Oracle Hyperion will be
    reconfigured by December 2023 after completing all stakeholder
    engagements, in line with the system’s functionalities, which will be
    deployed to the various MDAs. MDAs will be trained on how to use the
    system to enable them to update their cash plans quarterly. This will
    ensure that MDAs are able to revise their cash plans within the window
    iii. Standardize contracts for public works to ensure flexibility in budget
    iv. Review standard tender documents to include clauses that make the
    award of the contract null and void if not supported by GIFMIS generated
    v. All MDAs will be required to use GHANEPS for all Procurements to
    enhance transparency and efficiency in the procurement of goods,
    works, consultancy, non-consultancy, and asset disposal.
    vi. Improve Budget Execution practices by undertaking the following:
    a. Approval of MDAs commencement requests to be done within the
    first quarter of any fiscal year to allow MDAs sufficient time to
    complete procurement and payment processes before end of
    b. Enforcement of the use of GIFMIS for all transactions to prevent
    unbudgeted expenditure.
    vii. Internal Audit Agency to ensure that public officers within covered
    entities adhere to the legal and regulatory principles governing public
    financial management in the discharge of their duties.
  75. All public officers, particularly Principal Spending Officers of covered entities will
    be held to the strict application of the specified in Sections 96 to 98 of the PFM
  76. In view of this, the Ministry of Finance has established a Compliance Desk as
    part of the internal audit function of the Ministry. The desk will closely track the
    tender advertisements from Covered Entities to ensure that they have allotment
    and are on the GHANEPS. In the event that such Covered Entities are not
    compliant, the desk will immediately seek explanation and refer such infractions
    under the PFM to the Attorney-General through the Legal Directorate of the
    Ministry for advice or penal actions.
  77. Mr. Speaker, the Public Financial Management Act, 2016, Act 921, was passed
    to regulate the financial management of the public sector within a
    macroeconomic and fiscal framework. This law sets out stringent accounting,
    audit, and reporting requirements for public funds.
    86.As the First Finance Minister to oversee the implementation of this critical law,
    I can confidently say that this Government has been the most transparent and
    accountable in our history. Over the past seven years, I have laid before this
    House, 55 statutory reports to fulfil the provisions of this law. These include:
    i. the Annual Report on the Petroleum Funds; and
    ii. Report on the Utilisation of the African Union Levies.
  78. We have also learnt key lessons from the helpful feedback from our
    stakeholders. Most of these formed the core of the macro-critical reforms being
    implemented under IMF-back PC-PEG.
  79. Mr. Speaker, as the PC-PEG enters the second year, we plan to assess progress
    and deepen our collaborations for reforms at a PFM Summit to be organized by
    April, 2024. We encourage our Development Partners to join us on this journey.
    Real Sector in 2024 and the Medium Term
  80. In the real sector, we expect Overall Real GDP growth to increase from an
    expected 2.3 percent in 2023 to 2.8 percent and reach 5 percent by 2027. This
    yields an average growth rate of 4.3 percent over the 2024-2027 period. NonOil Real GDP is projected to slow down from an estimated 2.8 percent in 2023
    to 2.1 percent in 2024 and pick up to 5 percent by 2027 giving an average
    growth rate of 4.1 percent over the 2024-2027 period.
    Monetary Sector in 2024 and the Medium Term
  81. Mr. Speaker, the Bank of Ghana has maintained the tight monetary policy
    stance to firm up the disinflation process. Among other measures, the Bank has
    further raised the monetary policy rate by a cumulative 300 basis points (bps)
    in the year to September 2023 to 30 percent. In the outlook, monetary policy
    in 2024 and the medium-term will aim to regain price stability.
  82. Inflation is expected to remain within the IMF programme’s Monetary Policy
    Consultation Clause (MPCC) of 29.4 percent, with a symmetric band of 4.0
    percent at the end of 2023, an end year target of 15% in 2024 and trend further
    down to the medium-term target band of 8±2 percent by end-December 2025.
    A tight monetary policy stance, favourable base drifts, relative stability on the
    foreign exchange market, and a favourable food harvest are expected to
    outweigh inflationary pressures over the near-term.
    External Sector in 2024 and the Medium Term
  83. In the outlook, the external sector’s performance will largely depend on the
    conclusion of negotiations with the country’s external creditors. Also, the Bank
    of Ghana’s policy thrust will remain focused on increasing external buffers
    through sustainable means. The exchange rate is expected to remain stable
    supported by continued progress with the implementation of the IMFSupported Programme, expected inflows from the cocoa syndication loan, the
    second tranche of IMF loan, mining inflows, and the BoG’s continuation of the
    Gold-for-Oil Programme. The main risks to the external outlook include
    increasing uncertainty about geopolitical tensions and volatility in commodity
  84. Mr. Speaker, the IMF Executive Board approved Ghana’s 3-year, US$3 billion
    IMF-supported Post Covid-19 for Economic Growth (PC-PEG) on the 17th May,
    2023 after the Government of Ghana secured a staff level agreement on the
    Programme in December 2022. The Programme aims to:
    i. restore macroeconomic stability and debt sustainability;
    ii. build resilience through the implementation of wide-ranging and strong
    structural reforms in key sectors of the economy; and
    iii. lay the foundations for stronger and more inclusive and private sectorled growth, while protecting the poor and vulnerable.
  85. Mr. Speaker, the IMF-supported PC-PEG is assessed semi-annually by the IMF
    through an IMF staff review mission followed by final approval by the IMF
    Executive Board. Disbursements under the Programme are tied to successful
    completion of each review. The reviews assess our progress towards meeting
    the Quantitative Performance Criteria (QPCs), Indicative Targets (ITs), and
    Structural Benchmarks (SBs).
  86. Mr. Speaker, Ghana’s first review commenced with the IMF fielding a mission
    to undertake a staff assessment from 25th September to 6th October 2023. This
    review covered the assessment of:
    i. six (6) Quantitative Performance Criteria (PCs);
    ii. one (1) Monetary Policy Consultation Clause (MPCC) for inflation;
    iii. three (3) Indicative Targets (ITs); and
    iv. nine (7) Structural Reform Benchmarks (SBs) that were due at the end
    of September 2023.
  87. Mr. Speaker, I am glad to inform this august house that based on the IMF’s
    own assessment (at the staff level) after the first review, Ghana met:
    i. All six (6) of the Quantitative Performance Criteria (QPCs). The QPCs are
    a floor on net international reserves, ceiling on primary balance on
    commitment basis, ceiling on contracting non-concessional
    loan/guarantee, zero collateralized borrowing, and no accumulation of
    external debt service arrears.
    ii. Two (2) out of the 3 Indicative Targets. The two ITs met are a floor on
    social spending and a floor on non-oil public revenue. The IT on zero net
    accumulation of payables was extended largely due to the ongoing
    negotiations with Energy Sector IPP on legacy debt; and
    iii. Six (6) out of the seven (7) Structural Benchmarks due end-September
  88. The six SBs met are (a) preparation and publication of arrears
    clearance and prevention strategy, (b) preparation and publication of
    financial sector strengthening strategy, (c) preparation and publication a
    strategy for review of earmarked (statutory) funds, (d) preparation and
    publication of a medium-term revenue strategy, (e) a strategy for
    indexation of LEAP benefits and (f) BoG to approve capital building buffer
    plans for banks. The seventh SB on the preparation and publication of
    an updated Energy Sector Recovery Plan which was expected to be
    completed at the end of June 2023 was strategically completed and
    published on the MoF website in October 2023.
  89. Mr. Speaker, the outstanding performance of Ghana during the first (1st)
    review paved way for Ghana to reach a Staff Level Agreement (SLA) with IMF
    on the 6th October, 2023, a record five (5) months after the Programme was
    approved in May 2023.
  90. Mr. Speaker, on behalf of H.E. Nana Addo Dankwa Akufo-Addo, the President
    of the Republic of Ghana, permit me to use this occasion to express our sincere
    gratitude to the Right Hon Speaker, leadership of Parliament, and all members
    of this august House for the immense role you played in the successful
    implementation of the IMF-Supported PC-PEG under the first Review.
  91. Mr. Speaker, we would also like to appreciate the contributions of key
    stakeholders including, the Managing Director, Management and staff of the
    IMF, The World Bank, the AfDB, and development partners who played diverse
    roles in this journey. Mr. Speaker, we are equally grateful to the Council of
    State, CSOs, Labour Unions, Employers Associations, AGI, FBOs, Think-tanks
    and Research institutions, and all other stakeholders who played various roles
    in the process. Let me note Labour’s remarkable composure and historic
    agreement yesterday to ensure that our discussion with the Fund was not
    derailed. Thank you
  92. Mr. Speaker, the fiscal incentives and reliefs I announced previously are in line
    with Government’s 5-year Growth Strategy, which was approved by Cabinet in
    August 2023. This is to stimulate and sustain economic growth even as we
    restore macroeconomic stability under the IMF-backed PC-PEG.
  93. The first phase, which is a 14-month programme, essentially focuses on scalingup prioritised existing programmes and attracting Private Sector Investments
    to deliver rapid results without significant demands on budgetary resources.
  94. Mr. Speaker, the Growth Strategy prioritises key sectors of the economy,
    including Agriculture, agri-business and aquaculture, trade, industry and export
    promotion, tourism, as well as digitisation and technology.
  95. The recently launched ‘Ghana Mutual Prosperity Dialogue’ will support this path
    of growth. A permanent Steering and Technical Committee, co-led by the
    Ministries of Finance as well as Trade and Industry and the private sector and
    supported by our Development Partners, is being set up to drive this
    collaboration for growth.
  96. Mr. Speaker, last year, I discussed the enormous impact of the food imports
    bill on exchange rate volatility and inflation. I made clear how unsustainable
    the imports are and the need to change course.
  97. The Growth Strategy therefore supports the implementation of interventions
    that increases our capacity to produce, deepen value-chains, facilitate and
    modernise storage facilities and increase the shelf-life of products. These
    improvements are expected to help support exports, build forex exchange
    buffers and reduce inflation.
    Improving Agriculture Production and Productivity
    Planting for Food and Job (PfJ) 2.0
  98. In seeking to change course in the Agriculture sector, the President in August,
    2023 launched the Planting for Food and Jobs (PfJ) 2.0. By design, the PfJ 2.0
    places greater emphasis on value chain approaches and focuses on
    strengthening linkages between actors along eligible agricultural commodity
    value chains – broadly categorised into grains, roots and tuber, vegetables and
  99. The PfJ has a special focus on poultry to address the heavy reliance on imports.
    Accordingly, Fifteen (15) anchor farmers and 500 out-growers in 5 regions
    (Ashanti, Greater Accra, Bono, Bono East and Eastern regions) will be selected
    to produce 65,000 MT of broilers in 2024.
  100. Mr. Speaker, the significant shortfall between demand and domestic production
    of vegetables requires urgent action, especially considering the impact of the
    recent supply disruptions from the Sahelian region.
  101. The engagements with Onion Producers and Importers prior to this 2024
    Budget revealed the importance of developing an ‘Onion Index’ to track the
    production, distribution, and consumption of the commodity. It emerged during
    these engagements that in 2022, demand for onions was 314,337 MT, while
    the local production was 178,492 MT. In addition, the national demand for
    tomatoes in 2022 was estimated to be 1,257,348 MT, while local production
    stood at 468,280 MT. These are two prominent vegetables in the Ghanaian
  102. Mr. Speaker, PfJ 2.0, therefore, seeks to improve supply and utilisation of highquality inputs, facilitate credit guarantees for Aggregators to procure improved
    seeds, fertilizers, and pesticides and supply them on zero-interest credit terms
    to vegetable farmers in the immediate and short-term.
  103. Furthermore, the condition and capacity of existing warehouses will be
    improved to enhance the condition and capacity in storing bumper harvest and
    maintaining price stability.
  104. Mr. Speaker, the Growth Strategy also aims to boost fish production, mostly
    through increased focus on oceanic and inland earthen ponds. The goal is to
    support fishermen, fish farmers, and fish processors in our coastal regions. The
    interventions planned in this sub-sector include direct support for production,
    distribution, and storage of fish as well as producing and supplying over
    110,700,000 litres of Premix fuel using gasoline and condensate.
    Economic Enclave Projects
  105. Mr. Speaker, we are complementing the Planting for Jobs (PfJ) 2.0 strategy by
    also increasing support to private commercial agriculture under the Economic
    Enclaves Project (EEP).
  106. Towards this, priority has been given to securing and developing lands to offer
    security of tenure for large scale agricultural investments. The focus on large
    scale commercial agriculture is to harness the benefits of scale and scope of
    economies, promote the adoption of technology for efficiency and
    standardisation as well as support price stabilisation efforts.
  107. As of December 2022, three enclaves in Kasunya (Greater Accra), Kumawu
    (Ashanti) and Banda (Oti Region) were operational. Five (5) other enclaves are
    planned in 2024 to promote value addition, integration, and deepening
    aggregation and value chain systems to serve as economic ‘growth poles’.
  108. The three operational EEPs will lead to production of 160,000mt of rice by the
    end of 2024 over 110,000 acres of land in cultivation for the key staples. Private
    sector actors investing on EEP will provide employment for the youths, with a
    target of, at least, 5,000 jobs
  109. Already, ten private sector actors have responded to the expression of interest
    to predominantly act as anchor farmers on the developed lands. Government
    will also pursue the interest expressed by other international private sector
    operators to unlock investment and technology for the Economic Enclave
    Projects. We are also using the EEP to leverage catalytic financing from key
    partners including MasterCard and the African Development Bank.
  110. To implement the Economic Enclaves at scale and speed, GHC 1 Billion
    has been allocated to Millennium Development Authority (MiDA) to complement
    the PFJ II. This funding will be dedicated to providing critical infrastructure,
    including irrigation, canals, as well as clearing and developing land for private
    Sector actors in the EEP. Other key interventions under the GhanaCARES
    programme such as the completion of Foundry will benefit from this funding.
    MiDA has a remarkable record from the implementing two Compacts under the
    Millennium Challenge Corporation, one of which was agriculture and
    agribusiness. They continue to demonstrate experience and ingenuity that will
    accelerate the delivery of the growth poles to transform agriculture in this
  111. Mr. Speaker, the Digital Youth Village (DYV) is a key initiative of the Ministry of
    Communications and Digitalisation and University of Ghana to promote digital
    entrepreneurship among the youth and serve as a bridge between academia
    and industry. To date, the DYV project has completed the design, land
    allocation, site clearance as well as securing an architect. Phase 1 of the DYV
    project is expected to be completed before end-December 2024.
    Trade, Industry and Export
  112. Mr. Speaker, key operations under 1D1F, Free Zones, Export Promotion,
    Strategic anchor Industries and Business Regulatory Reforms have been
    prioritised under the growth strategy. Altogether, earnings from NonTraditional Exports are expected to increase to US$4 billion (2023) and US$4.8
    billion (2024), from US$3.51 billion (2022). 271 licensed Free Zone Companies
    are expected to increase earnings to US$2.19 billion in 2024), compared to
    earnings of US$1.8 billion from 207 licensed Free Zone Companies in 2022.
  113. Mr. Speaker, Ghana remains the preferred tourist destination in the sub-region.
    The steady stream of domestic and international tourists also requires
    dedicated spaces in cities to drive a Night Economy and tourism.
  114. As we promote ‘December in GH’ initiatives, we will also work towards
    enhancing security and the lighting infrastructure. A Task Force, comprising
    Public regulators and Private sector actors, has already been established to
    drive the Night Economy initiative under a public private partnership
    YouStart Programme
  115. Mr. Speaker, on 14th November, 2022, (Exactly a year ago), Government
    launch the YouStart Initiative as a direct response to the employment challenge
    facing our country. Through this initiative, Government seek to create an
    Entrepreneurial Nation by providing training, competitive funding, access to
    market and technology to our youth. This is to cause a cultural shift and guide
    your teeming youth into entrepreneurship by assisting them start, build and
    grow their own businesses.
  116. Mr. Speaker, a year on, the preparatory works have been completed. The three
    components of the Initiative, YouStart District Entrepreneurship Program
    (DEP), Commercial Program (CP) and the YouStart Grace program- have also
    been developed and piloted successfully. On 20th September, 2022,
    Government signed a Memorandum of Understanding with 11 Banks and the
    Ghana Association of Banker to support entrepreneurs gain access to capital to
    enhance their businesses. The Ghana Association of Banks have worked with
    us to train the Participating Financial Institutions on the program and have
    completed the design of a technology platform to receive applications. The
    National Banking College has also been engaged under the programme to train
    beneficiaries on behalf of the participating banks.
  117. Mr. Speaker, the Ghana Enterprises Agency (GEA) and the National
    Entrepreneurship and Innovation Programme (NEIP) has been brought
    together as a cohesive unit to co-lead the District Entrepreneurship component
    of the YouStart.
  118. Mr. Speaker, as October, 2023, a total of 23,695 beneficiaries comprising 5,183
    males and 18,512 females had completed the Basic Level training by the GEA
    under the YouStart Jobs and Skills project. Out of this number, 7,975
    comprising 2,474 males and 5,501 females progressed and completed the
    Intermediate Level training, with 4,514 beneficiaries comprising 1,679 males
    and 2,835 females also progressing to the Advance Level. GEA has commenced
    disbursement of grants to beneficiaries who have completed the Intermediate
    and Advanced Levels. Evaluation of the grant proposals is currently ongoing. It
    is expected that at least 5,000 of the 1st batch of beneficiaries would be
    supported with startup grants. The NEIP has also trained a total of 2,000
    beneficiaries under the Government of Ghana sponsored YouStart DEP.
  119. Mr. Speaker, all is set to accelerate the implementation of YouStart in the 2024.
    We are working with our partners, the World Bank, to secure a financing worth
    US$150million. On our own, we are committing GHS 200 million to ensure that
    more young persons are supported into entrepreneurship.
    Ghana Integrated Aluminium Development Corporation (GIADEC)
  120. Mr. Speaker, the Ghana Integrated Aluminium Development Corporation
    (GIADEC), through their strategic partners, has completed the Mineral Resource
    Estimate (MRE) Report that has been prepared in line with Joint Ore Reserves
    Committee (JORC) standards. The results of the report indicate significant
    bauxite quantities making the project a commercially viable one.
  121. In 2024, the corporation along with their partners will undertake the drilling
    and MRE for Project 3 and commence Valco retrofit and Project 2 mine
  122. Mr. Speaker, the Ghana Integrated Iron & Steel Development Corporation
    (GIISDEC) has completed a strategic conceptual layout to guide growth,
    promotion, and development of the integrated iron and the steel industry. The
    Master plan has been reviewed and given a seal of approval by KPMG and ready
    for the industry.
  123. Mr. Speaker, to ensure that various mineral discoveries and inferred deposits
    of iron ore are commercially viable, a high-level Mineral Resource study has
    been commissioned by GIISDEC working with its Private Partners. This capitalintensive activity has been offloaded to Ghanaian Private Partners to produce a
    standard Bankable report at no cost to Government of Ghana.
  124. This is to ensure that the Integrated Iron and Steel Industry (IISI) is not faced
    with the continuous decline of domestic production and processing of metallic
    minerals and the associated dependence on foreign supplies for our needs.
    Enabling Growth
  125. Mr. Speaker, key interventions to improve the business environment include:
    i. Enacting the Business Regulatory Reform Bill to enhance the quality and
    transparency of regulatory administration and establish a predictable
    regulatory environment;
    ii. Crowding-in private sector financing of $20 billion through Foreign Direct
    Investments and enhanced Public-Private dialogues and Partnerships as
    well a more coordinated and aggressive promotion of Foreign Direct
    Investments; and
    iii. Amendments to the GIPC Act has been completed and submitted to
  126. Mr. Speaker, the Growth Strategy sets ambitious targets for easing access of
    the domestic private sector, including medium and long-term finance at
    competitive rates. Government will leverage the plans of the Development Bank
    of Ghana (DBG), GIRSAL, the Venture Capital Trust Fund (VCTF), and the
    Ghana Investment Infrastructure Fund (GIIF) to provide loans, partial
    guarantees and venture capital to private entities with transformational and
    strategic projects in Agriculture, Technology and Industry.
  127. Mr. Speaker, Government intends to achieve its objectives through following
    i. DBG: to increase the lending volume of the Development Bank, Ghana
    (DBG) to GH¢2 billion, focused on medium and long-term lending for
    commercially viable private sector projects. DBG will also provide partial
    guarantees to reduce risk and attract more investment from the private
    sector into manufacturing, ICT, and high-value services. Government will
    in addition support DBG fundraising of an additional $1 billion in 2024
    and 2025.
    ii. GIRSAL: Provide GH¢350 million partial risks guarantees to leverage
    private sector participation in the agricultural sector and agri-business.
    Relying on the GH¢350 million guarantee, banks will be able to provide
    around GH¢700 million to the agricultural sector and agri-business.
    GIRSAL guarantees help reduce banks’ risk perception of the agricultural
    sector and encourage them to increase lending at slightly lower rates
    and longer tenor.
    iii. IFC: Government will pursue the negotiations for $500 million of
    financing from the World Bank’s IFC, a partner in the Ghana Mutual
    Prosperity Dialogue.
    iv. Recapitalisation of Banks: Government and World Bank will recapitalise
    the Banks through the Ghana Financial Stability Fund and Financial
    Sector with over GH¢10 billion to enable aggressive financing of private
    sector businesses.
  128. Furthermore, the Venture Capital Trust Fund would commit an additional US$13
    million. This follows the US$11 million the VCTF committed in 2023.
  129. Mr. Speaker, debt sustainability concerns remain high, especially across
    emerging economies. The International Monetary Fund (IMF) indicates that in
    2020 – at the peak of the pandemic – the stock of global public debt as a share
    of global GDP was 258 percent. Moreover, as of 2022, the stock of public debt
    was 238 percent, 9 percentage points higher than in 2019.
  130. To return to a path of debt sustainability, from a Debt to GDP ratio of 89%,
    Ghana, in December 2022, commenced a difficult but necessary restructuring
    programme covering both domestic and external debt. The goal is to achieve a
    55% Debt to GDP ratio and 18% Revenue to GDP ratio over the medium term.
  131. Mr. Speaker, Ghana completed the first phase of the DDEP in February 2023,
    where circa GH¢82,994.51 million of old domestic notes and bonds were
    exchanged for new bonds. These new bonds have longer maturities and
    average coupon of about 9.1 percent, achieving a participation rate of about
    84.9 percent.
  132. In September 2023, an administrative reopening of the first phase was done,
    of which GH¢4,013.65 million was tendered. The total exchanged amount was
    GH¢87,008.16 million, with a participation rate of 90.7 percent. Mr. Speaker,
    the second phase was launched in July 2023 and settled in September 2023.
  133. Mr. Speaker, the DDEP has positively affected our domestic debt portfolio’s
    costs and risk indicators. The weighted average interest rate for instance,
    reduced from 21.2 percent at end-December 2022 to 12.7 percent at endSeptember 2023. Additionally, the Average Time to Maturity (ATM) improved
    from 2.7 years at end-December 2022 to 6.2 years at end-September 2023. On
    the total debt portfolio, the ATM improved from 8.4 years at end-December
    2022 to 9.3 years at end-September 2023.
  134. We anticipate that the completion of the external debt restructuring will
    improve our debt trajectory, even more, to enable us reach our target landing
    zone of 55 percent debt to GDP in present value terms by 2028.
  135. Mr. Speaker, the external debt restructuring parameters comprise bilateral and
    commercial debt (including Eurobonds). Consequently, on 13th December
    2022, Ghana formally requested a debt treatment under the G20 Common
    Framework for Debt Service Suspension Initiative (CF-DSSI).
  136. Ghana’s bilateral creditors, subsequently established the Official Creditor
    Committee (OCC) on 12th May 2023, under the auspices of the Paris Club to
    restructure the bilateral debt. Government, has already shared illustrative
    scenarios with the OCC, which is co-chaired by France and China.
  137. An agreement in principle on the restructuring parameters is expected to be
    reached in the coming week. This will be formalised in an MOU between the
    Government and the OCC.
  138. Mr. Speaker, on our commercial debt (Eurobonds), we have received illustrative
    proposals on the debt treatment scenarios from the two bondholder groups.
    We are currently reviewing the illustrative proposals and expect to converge
    towards a solution in compliance with the comparability of treatment principle.
    We outlined broad parameters in our investor presentation of a haircut between
    20% and 40%, a maximum 5% interest rate and maturity not to exceed 20
  139. It is envisaged that, in the coming weeks, extensive negotiations with both
    groups will commence and ensure we achieve the targets set under the
    IMF/World Bank Debt Sustainability Framework. We are hopeful of a year-end
  140. Mr. Speaker, the Financial Sector Strengthening Strategy (FSSS), which was
    developed to mitigate the impact of the GoG debt operation on the financial
    sector, provides for the design of the Ghana Financial Stability Fund (GFSF) as
    a programme in the Ministry of Finance. It also aims to address outstanding
    legacy issues following the 2017-2019 financial sector clean-up.
  141. This Fund offers a solvency window consisting of two distinct sub-funds –
    namely a US$250 million World Bank supported sub-fund targeted at qualifying
    banks and SDIs; and a cedi equivalent of US$500 million GoG-funded sub-fund
    that will help to recapitalise state-owned financial institutions as well as
    potentially support other indigenously-controlled financial institutions to
    improve their post-DDEP solvency.
  142. Mr. Speaker, in addition, a provision of GH¢4 billion has been made in the 2024
    Budget to address National Investment Bank (NIB), distressed SDIs, and other
    outstanding legacy challenges in the financial sector. Notwithstanding the
    ongoing litigation commenced by shareholders Blackshield Capital Management
    Limited (formerly Gold Coast Securities Limited), the SEC will continue engage
    the Official Liquidator and clients of the defunct Blackshield to reach a
    consensus on a framework for a bailout intervention and an amicable resolution
    of the impasse.
  143. Mr. Speaker, in the 2024 Budget, Government will build on the significant
    investments that have been made to date, and promote its key interventions
    covering social spending, infrastructure, governance, security and climate
    Social Spending
    Free SHS and TVET
  144. Mr. Speaker, the Government’s flagship Free Senior High School and TVET
    Programme continues to create and expand access to secondary education in
    the country. In a generation’s time, when we have a more educated population
    which sustains social mobility and cohesion, we will appreciate the significance
    of these decisions and investments.
  145. In the year under review, we continued to support a total of 448,000 first year
    SHS students; bringing the total beneficiaries for the 2022/2023 academic year
    to 1.3 million students. In 2024, the implementation of this transformative
    initiative will continue.
    Capitation Grant
  146. Mr. Speaker, Government continues to ease the financial burden on parents
    and guardians in the access and provision of quality basic education. To this
    end, we provided feeding grants for 7,500 students in Special Schools and
    capitation grants to all public basic schools across the country.
  147. Additionally, the registration fees of over 471,000 prospective candidates from
    public JHS for the BECE were paid to guarantee that all candidates will sit for
    the examination. Government will continue to provide opportunities for quality
    basic education through the capitation grant in 2024.
    Livelihood Empowerment Against Poverty (LEAP)
  148. Mr. Speaker, support for beneficiaries of the Livelihood Empowerment Against
    Poverty (LEAP) programme was sustained in 2023. Government invested about
    GH¢298 million to support 350,000 extremely poor households. In 2024, the
    Programme will improve the financing by 50% and will continue to provide
    meals to more schools to enhance basic school enrollment.
    National Health Insurance Scheme (NHIS)
  149. The National Health Insurance Scheme (NHIS) witnessed an expansion in
    coverage, with 16 million active members as at September 2023 – representing
    80 percent of the targeted population of 20 million. Efforts to integrate the
    Ghana Card into the enrollment system are progressing steadily.
    School Feeding
  150. Mr. Speaker, under the School Feeding Programme, Government invested over
    GH¢740 million to feed 3.8 million pupils, one hot meal a day in over 10,000
    public basic schools. In 2024, the Programme will continue to provide meals to
    enhance basic school enrollment.
  151. Mr. Speaker, our programme to improve accessibility and connectivity, as well
    as safety along roads continues to be prioritised. We will conclude negotiations
    with the Official Creditor Committee to ensure that work on eligible externally
    funded projects resume.
  152. However, the following projects are ongoing and are at various stages of
    i. Kumasi Lake Road and Drainage Extension project is completed;
    ii. Reconstruction of Bechem-Techimantia-Akomadan road – is 71 percent
    iii. Construction of the Flyover on the Accra-Tema Motorway from the
    Flowerpot roundabout – is 60 percent complete.
    iv. Phase 2 of the Tema Motorway Roundabout (including construction of
    the 3rd tier of the interchange) – is 56 percent complete
    v. Construction of 4 major by-passes at Osino, Anyinam, Enyiresi and
    Konongo along the Accra-Kumasi Highway commenced in 2023 and are
    at various stages of completion.
    vi. Reconstruction of Agona Nkwanta-Tarkwa road – is 44 percent
    vii. Dualization of Ho Main Roads (Sokode-Gborgame-Civic Centre) and
    Traffic Management Works(10.5km) – 100 percent
    viii. Selected Roads in Sekondi and Takoradi Phase 1 – is 28 percent
    ix. Dualization of Nsawam-Ofankor road (including widening of the road to
    10–lanes with a 6–lane expressway and 4 – lane service road with
    interchanges at Amasaman, Pobiman, Medie and Nsawam Junction) –
    is 30 percent completed;
    x. Construction of a 4-tier interchange at Suame in the Ashanti Region –
    has commenced;
  153. Mr. Speaker, the following projects under the Master Project Support
    Agreement (MPSA) with Sinohydro Corporation Limited have been completed:
    i. Tamale Interchange Project (100 percent);
    ii. Western Region and Cape Coast Inner City Roads- 32.19km (100
    iii. Construction of Hohoe-Jasikan–Dodi-Pepesu – 66.4km (100 percent);
    iv. Upgrading of Selected Feeder Roads in Ashanti and Western Regions –
    68km (100 percent);
  154. However, the following are at various stages of completion:
    i. Sunyani Inner City Roads (39km) – 81 percent completed;
    ii. Construction of Sunyani and Berekum Inner City Roads (39km) – 81
    percent complete; and
    iii. PTC roundabout interchange project, Takoradi – 80 percent complete.
  155. Mr. Speaker, in addition, the preparation for the reconstruction of the AccraTema Motorway under the Road Sector’s Public Private Partnerships (PPP) with
    GIIF is on course. The Concession Agreement and draft Engineering
    Procurement and Construction (EPC) agreement have been approved by
    Cabinet and will be submitted to Parliament for approval shortly.
  156. Mr. Speaker, Government infrastructure progamme will also be anchored on a
    strong private sector collaboration. To this end, Government will continue to
    pursue the Mining Sector Roads rehabilitation projects to improve the road
    network in mining communities.
  157. Government will begin the formalisation of the agreements with the Mining
    companies and mining related industries to fund and commence the
    rehabilitation of Roads in the Mining Enclaves in 2024. Selected communities
    include Takoradi Agona Nkwanta, Tarkwa Dualisation and Tarkwa township,
    Prestea Bogoso and Bogoso township, Dunkwa Obuasi, Obuasi township, Ahwia
    Nkwanta, Manso Nkran, and Konongo.
  158. Mr. Speaker, to promote trade and transit from the Tema Port, the capacity of
    the Tema Hospital Road will be improved under PPP arrangements. Accordingly,
    Government has developed a deed of transfer to be executed.
  159. Mr. Speaker, Government has renegotiated the contract terms of the La General
    Hospital Project and will now be funded through the national budget. The
    contractor is expected back on site next week to complete a significant amount
    of work by 2024.
    One District, One Factory
  160. Mr. Speaker, in accordance with Government’s strong commitment to
    industrialisation, a total of 169 One District, One Factory (1D1F) projects are
    currently operational, leading to a total employment of 169,870. An additional
    152 factories are currently under construction and expected to be fully
    operational in 2024 and 2025. These industries are expected to increase valueaddition and support our efforts to reset the economy.
    Enterprise Development
  161. Mr. Speaker, in 2023, Ghana Free Zones Authority successfully licensed 29 Free
    Zones companies, with capital investment of $180 million and created 2,500
    jobs. In 2024, it is projected that Free Zones companies will generate an
    estimated US$192 million in capital investments.
  162. In line with Government’s commitment to support Micro, Small and Medium
    Enterprises (MSMEs), through the Ghana Enterprises Agency (GEA), 140,562
    enterprises – including 100,211 women-owned enterprises – were provided with
    training and business development services. 2,055 informal sector operators
    were also assisted to formalise their operations by registering with the Office
    of the Registrar of Companies.
  163. Mr. Speaker, to improve connectivity within the sub-region and facilitate
    tourism, the upgrading of the Tamale Airport has been completed. To
    complement this effort and facilitate trade through Ghana’s transit corridor, the
    construction of the Boankra Integrated Logistics Terminal (BILT) is being
    executed and is about 54 percent complete.
  164. Following the approval of Ghana’s Energy Transition Investment Plan,
    Government has commenced the development of a National Electric Vehicle
    Policy as part of efforts to create an enabling environment for the uptake of
    electric vehicles.
  165. Mr. Speaker, Government rolled out the National Rental Assistance Scheme in
    February 2023 to ease the burden of huge rent advance payments by
    prospective tenants. From February to October 2023, the Scheme disbursed
    about GH¢13.8million to cover the payment of rent advance for 1,105
    individuals in the Greater Accra, Ashanti, Northern, Eastern, Bono East and
    Western Regions.
  166. Mr. Speaker, Government continued works on Phase III of the Security Services
    Housing Programme, involving the construction of 320 units for the Ghana
    Police Service at the Ghana National Police Training School, Tesano. The overall
    progress of work stands at 95 percent.
  167. In addition, work commenced on the first phase of the Revised National
    Affordable Housing Programme at Pokuase, to construct 8,000 housing units.
    In 2024, Government will commence work on the National Affordable Housing
    Project at Dedesua in the Ashanti Region.
    Infrastructure for Poverty Eradication Programme (IPEP)
  168. Mr. Speaker, under the Infrastructure for Poverty Eradication Programme,
    Government continues to embark on strategic investments across our
    communities nationwide in line with the fiscal consolidation plan. Through the
    Development Authorities, over 340 projects were completed in 2023 and
    accordingly handed over to the beneficiary communities.
    Rural Telephony
  169. Mr. Speaker, Government constructed a total of 1,010 rural telephony sites
    under the Rural Telephony and Digital Inclusion Project, to provide voice signals
    in underserved and unserved communities. This has benefitted about 1,353
    rural communities who can now make calls via their mobile phones, thereby
    enhancing social and economic activities in those communities.
  170. In 2024, the remaining 1,006 sites will be built and integrated, and activate all
    2,016 sites for voice and data services to ensure reliable, affordable, and
    secured broadband infrastructure under this initiative.
    Rural Electrification
  171. Mr. Speaker, in line with the goal to achieve universal access to electricity by
    2024, a total of 189 communities have been connected to the national grid,
    with 211 communities at various stages of completion. The national electricity
    access is estimated at 88.85 percent as at third quarter, 2023, and our goal is
    to exceed a 90% mark by year end 2024.
    Communications and Digitalisation
  172. Mr. Speaker, under the Girls in ICT initiative, 2,000 girls and 200 ICT Teachers
    in the Savannah and Northern Regions were trained. Additionally, a total of 287
    laptops were presented to the best performing students and teachers in both
    the Savanna and Northern Regions. In 2024, 3,000 girls and 300 ICT teachers
    will be trained in the Ashanti, Greater Accra, and Volta Regions. Government,
    Mr. Speaker, continues to seek resources for a one laptop per child programme
    in order to create a tech-savvy population.
  173. Mr. Speaker, the platform deployed in 2020 has onboarded 1,541
    MDAs, MMDAs, and State-Owned Enterprises (SOEs) with 130 of these entities
    actively utilizing the platform for various functions, including processing
    payments. This has yielded a total revenue of over GH¢164 billion since its
    inception. In 2024, NITA will enroll government agencies responsible for
    revenue collection onto the platform. In addition, a “Citizens’ App” will be
    integrated into the platform, to enrich Citizen-to-Government engagement and
    allow persons with disability to access the platform to foster inclusiveness.
    Coastal Protection / Drainage / Flood Control
  174. Mr. Speaker, Government continued with the coastal protection works to
    protect coastal settlements against beach erosion and flooding while protecting
    lives, livelihoods and properties from tidal wave erosion. Accordingly, the
    Dansoman, Anomabu and Elmina (Phase III) coastal protection projects are
    currently at 97 percent, 75 percent and 96 percent respectively. Other projects
    include Cape Coast (80 percent), Dixcove (40 percent), Komenda (98 percent),
    Aboadze Phase II (61 percent) and Ningo-Prampram (50 percent).
  175. Government continued drainage improvement works to mitigate the disaster
    risks associated with flooding in various parts of the country, while minimising
    the economic losses that are associated with the floods. In 2024, work will
    continue on uncompleted projects under the National Flood Control
  176. Mr. Speaker, the new Conduct of Public Officers Act seeks to address current
    weaknesses in the asset declaration system. The new Act will introduce
    provisions that ensure public officers submit their declaration in time and that
    an effective verification system is in place. The draft Bill is under consideration
    by Cabinet and will submitted to Parliament subsequently.
  177. Government is also committed to ensuring the implementation of the second
    phase of the National Anti-Corruption Action Plan (NACAP) to foster public
    accountability and transparency.
  178. Mr. Speaker, Government will continue to resource the Ghana Armed Forces to
    collaborate with other Security Services in the following operations: COWLEG,
    CALM LIFE, HALT, GONGGONG to provide security to society, check illegal
    logging and mining to control environmental degradation. In addition, the
    establishment of 10 Mechanized Battalion at Wa, 11 Mechanized Battalion at
    Bawku, 3 Field Workshop and 3 Mechanical Transport Company under
    operation CONQUERED FIST have improved security and neutralized threats of
    terrorism from the Northern Border.
  179. Mr. Speaker, the establishment of 15 Forward Operating Bases (FOBs) along
    the Northern Borders of the country to prevent cross border crimes and terrorist
    infiltration are progressing steadily. In addition, the FOB at Ezinlibo in the
    Western Region is 55 percent complete and forms part of the national strategic
    programme to protect the country’s oil and gas fields.
  180. Mr. Speaker, on internal security, the Ghana Police Service sustained and
    enhanced its peace-building efforts in conflict zones such as Yendi, Tamale,
    Wa, Chereponi, Bawku, Alavanyo, Nkonya, Ejura, and Akropong-Akuapem. The
    Police Service improving Community Watch Programme with professional
    motorbike riders has elevated the sense of security and the country.
  181. The Service received 100 Toyota Hilux Pick-ups, 6 Armoured Personnel Carriers
    (APC), and 600 Motor Bikes to augment the fleet of the Formed Police, Visibility,
    and Motorbike Patrol Units to enhance their work.
  182. Mr. Speaker, the Ghana Immigration Service conducted day and night patrols
    along the borders to secure the country against irregular migration flows and
    migration-related crimes. The Service also conducted 5,901 inspections at
    various locations, such as companies, hotels, residential sites, and educational
    institutions, to ensure compliance with immigration laws.
    Independent Power Producers
  183. Government has continued to engage key operational Independent
    Power Producers (IPPs) in positive and constructive bilateral negotiations.
    Engagements have centered on the sustainability of Ghana’s energy sector, as
    well as the restructuring of legacy IPPs debt and power purchase agreements
    (PPAs); future-proofing timely payments to IPPs going forward; and the
    implementation of critically needed energy sector reforms. Government aims to
    finalise commercial agreements with key IPPs in the coming weeks.
  184. Mr. Speaker, Government remains mindful and appreciative of the
    continuing commitment on the part of IPPs not only to supporting Ghana’s
    power sector but also to collaborating with Government and the Electricity
    Company of Ghana to achieve a sustainable future for the sector, while shoring
    up Ghana’s reputation as a compelling investment destination.
    Climate Change
  185. Mr. Speaker, Ghana has been at the forefront of advocacy for a fit- for-climate
    global financial architecture whilst expanding its engagements to mobilising
    climate financing.
  186. At the 2023 IMF/World Bank Group Annual Meetings, Ghana secured critical
    financing support for its climate adaptation and mitigation measures. This
    i. US$54.5 million to establish the Ghana Shea Landscape Emission
    Reduction Project (GSLERP) in partnership with the Green Climate Fund.
    ii. $4.8 million successfully earned by reducing nearly 1 million tons of
    carbon emissions through forest conservation and degradation
    prevention. We expect to earn up to $45 million by the end of 2024.
    iii. Additionally, Government has signed 6 MOUs/agreements with
    Switzerland, Singapore, Sweden, South Korea, as well as some public
    and private entities in line with Article 6 of the Paris Agreement.
  187. To leverage the mobilisation of climate finance resources and maximize its
    usage, the Ministry of Finance is setting up a Climate Financing Division. This
    is to improve coordination at the national level and hasten Ghana’s growth
    towards climate resilience. Additionally, it will facilitate the fulfilment of Ghana’s
    international commitments by effectively implementing Ghana’s Nationally
    Determined Contributions.
  188. Mr. Speaker, our leadership as Chair of both the Climate Vulnerable Forum (CVF)
    and the Vulnerable Twenty Group (V20) is a prime example, directed by our
    Ministries of Finance, Environment, Science Technology and Innovation, and
    Foreign Affairs.
  189. Under Ghana’s tenure, we’ve not only raised our global standing in climate
    discussions but also championed the interests of climate-vulnerable nations.
    President Nana Addo Dankwa Akufo-Addo leads the CVF, with Hon Ken OforiAtta chairing the V20 Finance Ministers.
  190. Since 2021, under Ghana’s direction, the CVF and V20 have driven a forwardthinking agenda to counter climate change threats. We’ve led pivotal talks,
    advocating for enhanced climate finance and firmer commitments from
    developed nations. This effort extends to supporting vulnerable countries
    through climate prosperity plans and the Accra-Marrakech agenda.
  191. Crucially, Ghana has been instrumental in pushing for reforms in the global
    financial system to make it more conducive to climate-resilient growth and
    sustainable development. Our leadership in this area is evident in advocating for
    long-term reforms and presenting actionable steps, in line with the objectives of
    the Accra-Marrakech agenda and the Bridgetown Initiative 2.0 proposed by
    Prime Minister Mia Mottley of Barbados.
  192. Ghana’s leadership in advocating for a reformed global financial system
    underscores our commitment to fostering a future where climate-resilient growth
    and sustainable development are at the forefront. By championing the needs of
    developing countries in the face of climate change, we aim to pave the way for
    a world where our nations not only survive but thrive. This vision for climate
    resilience is more than an environmental imperative; it is a pathway to enduring
    prosperity and stability for developing countries globally, ensuring that we are
    equipped to face climate challenges while progressing towards a sustainable,
    prosperous future.
  193. Mr. Speaker, today, I have highlighted our collective achievements as a nation
    to this august House. I have also demonstrated how our investments over the
    last seven years have positively impacted individuals, households, businesses,
    and communities.
  194. We have a safer country. We have a more physically and digitally connected
    society. We have a more educated and skilled population. Through our policy
    approach, the foundation for a country has been laid where: Ingenuity is being
    encouraged; Innovation is supported; Public service is valued; Responsibility is
    shared; Prosperity is shared; and Accountability for the custodianship of public
    resources is prioritised.
  195. Mr. Speaker, this is a marked change from when I first stood before this House
    on 2nd March, 2017. At the time, ‘dumsor’ had decimated the incomes of
    businesses and households. The financial sector was weak and near collapse.
    Trained nurses had stayed home for years without employment. NHIS was in
    arrears for over a year. A sizable number of Ghanaians were unable to access
    Senior High School education. Above all, our economic prospects had dimmed
    considerably. I referred then to the biblical story of five loaves and two fishes
    to illustrate the approach in turning the economy around.
  196. Mr. Speaker, I stood here in March 2017 and asked that the country’s
    paltry 2 fishes and 5 loaves be multiplied. Indeed, as the young boy gave all
    he had to the multitude, so have we and the Lord, in response, has blessed our
    nation, and this we should not forget.
    i. From a nominal GDP of GH¢262 billion in 2017 to GH¢1 trillion in 2024
    ii. Invested in the future of our children under the free SHS programme with
    1,261,495 students having access to secondary education.
    iii. Supported the poor and vulnerable through an enhanced LEAP programme
    by increasing the number of beneficiary households from 212,545 in 2017
    to 350,000 households in 2023 with the aim of further increasing this to
    450,000 over the medium term.
    iv. Invested in providing one hot nutritious meal per day to 3,260,468 pupils in
    our basic schools and provided a study income stream for 32,496 caterers.
    v. Invested the most in the construction, rehabilitation and upgrading of major
    road networks across the country.
    vi. Supported small businesses with GH¢750 million during the COVID-19
    pandemic through the CAP-Buss programme and other interventions.
    vii. Invested in making sure that all public workers were paid every month
    during the COVID pandemic including the teachers who were paid for all
    the nine months when the academic calendar was disrupted.
    viii. Invested to strategically establish over 160 factories across all districts
    under the 1D1F programme
    ix. Investing in the expansion of health infrastructure in every district under
    the agenda 111 initiative
  197. Mr. Speaker, let me take this opportunity to recognize the strong
    partnership that has co-existed between the Government and organised labour.
    I also want to use this occasion to thank the leadership of organized labour for
    their positive cooperation since 2017. Yesterday, 14th November, 2023, we
    successfully concluded negotiations for the 2024 Single Spine Salary Structure
    the base pay which culminated in a 23 percent increase in the base pay on the
    Single Spine Salary Structure (SSSS) across board from January to June 2024,
    and a readjustment to 25 percent from July 2024 to December 2024. This
    wouldn’t have been possible without the cooperation of our Labour Unions.
  198. Since then, we have stayed focused and implemented our plans. However, it
    has not been smooth sailing. There have been ebbs and flows. We have faced
    severe headwinds since March 2020. The economy has faced multiple shocks.
    We have not created enough jobs and food inflation remains high, creating
    hardship and we are committed to tackling this. However, we are re-anchoring
    our path, using the PC-PEG as our compass… our true North.
  199. Mr. Speaker, backed by the PC-PEG, the 2023 Budget sought to restore and
    sustain macroeconomic stability. With hard work and the grace of God, we are
    on a path of stability and growth. Thankfully, a sense of a “new beginning” has
    taken hold.
  200. Despite our remarkable progress in the last ten months, risks abound. In
    October, 2023, the IMF reported that global recovery remains slow, with little
    margin for errors. The Kenyan Finance Minister also noted in September, 2023
    that “All low and middle-income countries are walking a tightrope given the
    current economic constraints globally”.
  201. Mr. Speaker, we are aware of these pressures and risks. So far, the
    implementation of the Government’s PC-PEG, which addresses these pressures,
    is delivering the immediate intended results. We have successfully concluded
    the Domestic Debt Operations and are making steady progress on external debt
    restructuring. We are implementing the new Growth Strategy, which prioritises
    the completion of key transformative interventions to improve the quality of life
    and welfare of our people.
  202. Mr. Speaker, for our future, large public spending and deficits cannot
    remain embedded in our policy framework. So after achieving macroeconomic
    stability, the gains will be anchored on enhanced fiscal responsibility rules. The
    IMF is already working with us to strengthen these rules in order to maintain
    macroeconomic stability and implement structural reforms needed to sustain
    the country on a strong path of economic growth and transformation.
  203. To achieve a sustainable recovery, we must deepen our reforms:
    i. Promote private sector investment and entrepreneurship. This is why in
    this budget the DBG has committed about GH¢2b in private sector lending.
    The YouStart initiative will also commit to channel GH¢200m to our SMEs
    through GEA, NEIP and our commercial banks.
    ii. Coordinate with the Bank of Ghana to bring down interest rates to single
    digits in the next 24 months as the inflation path improves.
    iii. Protect the financial system and enable stronger institutions. This is why
    under the IMF supported program we have committed 2.6% of GDP to be
    deployed in phases to further strengthen the financial system and
    ensuring confidence. This is critical in sustaining the recovery and
    ensuring that both short term funding for operations and long term capital
    investment by the private sector are supported. In the Mid-year we
    committed US$750m equivalent under Ghana Financial Stability Fund, and
    are making provision for an additional GH¢4 billion to address legacy
    issues in the financial sector.
  204. Mr. Speaker, the 2024 Budget has been developed to:
    i. Ensure the accelerated implementation of the PC-PEG and safeguard the
    recent macroeconomic gains;
    ii. Expand investments in the real sector to implement the new Growth
    Strategy and chart a new course;
    iii. Consolidate and complete on-going infrastructural projects to improve
    productivity and welfare; and
    iv. Mobilise climate finance to enable us build resilience and promote
    Climate-sensitive growth
  205. The policy initiatives outlined in this Budget will also ensure Ghana remains
    attractive for domestic and foreign investors. The feedback from our extensive
    engagements with key stakeholders has informed our policy choices.
  206. Mr. Speaker, we have launched the Ghana Mutual Prosperity Dialogues so that
    Government can work with the private sector to craft solutions that will ensure
    that the nation will realise a thriving and resilient economy. Crucially, we will
    invest in local businesses to catalyse a new wave of growth and employment
    that is sustainable, inclusive and impactful.
  207. More importantly, the various components of the Government-owned financial
    ecosystem such as DBG, GCB, CBG, GIRSAL, GCX, GIIF, Venture Capital Trust
    Fund, GEA, NEIP, YEA, GEPA will be strengthened to enable us to address the
    concerns of the private sector in respect of access to credit, access to skills,
    labour, and raw materials.
  208. Mr. Speaker, we do this knowing that the key to our prosperity is not handing
    out free goods and services to our underprivileged folks. Rather, it is by
    providing skills and finance to enable people to generate income and jobs.
  209. Mr. Speaker, we continue to optimise our tourism infrastructure investments to
    advance our economic progress. The improvements in key tourist sites have
    been complemented by aggressive marketing to reposition Ghana. Next month,
    as in recent years, our country will expect an increase in tourists seeking to
    patronise the ‘DECEMBER IN GH’ event. This follows the successful ‘Year of
    Return’ and ‘Beyond the Return’ programmes launched by the President in 2019
    and 2021 respectively. Our investments in CCTVs on our roads, and provision
    of increased logistics for the security services will continue to support these
    events and make them memorable.
  210. These investments would also facilitate the hosting of the 13th All Africa Games
    in Accra, from 8th to 23rd March, 2024. The occasion will spotlight Ghana as a
    leading sporting venue in Africa and highlight our organisational capital for
    sporting events in the future.
  211. In addition, Ghana has strategically positioned itself to mobilise climate
    financing, and champion a fit-for-climate global financial architecture as Chair
    of the Climate Vulnerable Forum and the Vulnerable Twenty Group (V20). The
    vehicles being explored includei. Sustainable Use of Natural Resources and Energy Finance (SUNREF) in
    ii. Climafintrack climate financing tracking tool;
    iii. Sustainable Financing Framework;
    iv. Digitisation of Payments in the Cocoa Supply Chain;
    v. Environmental and Fiscal Reform; and
    vi. Engagements with the Green Climate Fund.
  212. Mr. Speaker, a new and exciting opportunity is Ghana’s newfound wealth in
    lithium and graphite, which will be extracted in line with the Green Minerals
    Policy, to support our energy transition.
  213. On 19th October, 2023, Government granted its first concession for the mining
    of lithium, which is guaranteed to be a major contributor to Ghana’s GDP from
  214. On the Atlantic Lithium mining project, which is projected to produce
    some 360,000 tonnes of lithium a year, Government has negotiated a 10
    percent royalty and a record-high 13 percent free carried interest for the State.
    The company will also pay one percent of its revenue and another one percent
    for the Growth and Stabilisation Levy.
  215. Mr. Speaker, in addition, the Minerals Income Investment Fund, has acquired
    a 6 percent contributing interest in Atlantic Lithium’s Ghana Portfolio. This will
    lead us to a new negotiation posture for future extractive industry investments.
  216. Mr. Speaker, in line with Government localisation policy, Atlantic Lithium would
    list on the Ghana Stock Exchange to further enhance and deepen local
    participation. Also, a study to assess the economic benefits of the downstream
    conversion of lithium in Ghana, including the local use of feldspar and kaolin
    for ceramics and other products, has commenced and the findings will be
    submitted to Government by end of February 2024.
  217. Mr. Speaker, we are in a better place than we were before. The nation has
    been positively impacted and positioned to harness its prospects. We must
    move forward courageously. For as 2 Timothy 1:7 counsels, “God has not
    given us the spirit of fear; but of courage, and of love, and of a sound mind”.
  218. It is in this same vein of courage and power, that we have forged a path of
    resilience since 2017. It is important to recall that despite the ‘poly-crises’ since
    March 2020, we have, together, taken a GDP of GH¢219.5 billion in 2016
    and almost quadrupled it. We are crossing the GH¢1 Trillion GDP mark this
  219. A key lesson from this leap since 2017 is for us to eschew unfounded
    pessimism. We have shown that it is possible. We should be collectively proud
    of ourselves and the can-do-spirit of our people. We have proven that a lot
    more is possible, if we stay the course and believe in a future of immense
  220. To realise our common aspiration, Mr. Speaker, we must continue to speak in
    our language. This is Ghana: A nation united in diversity. A resilient nation on
    the path to manifest destiny. Every opportunity to safeguard our progress must
    be protected by adherence to the exhortation of Genesis 11:6.
  221. Mr. Speaker, I present to you the “NKUNIM” Budget. A people with a manifest
    destiny for greatness. We are resilient and we shall prevail, because the Battle
    is still the Lords.
  222. God bless our homeland Ghana and make us steadfast to build together a
    nation strong in Unity.
  223. Mr. Speaker, I so move.

More stories here

Leave a Reply

Your email address will not be published. Required fields are marked *