July 19, 2024
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2024 Budget will deal with issues of high taxes, rising cost of doing business – Ofori-Atta

The Finance Minister, Ken Ofori-Atta has disclosed that the 2024 budget will come out with programmes and initiatives that will deal with the high cost of doing business in the country. 

He assured that the budget will also address concerns of “high and many taxes” affecting the private sector.

Mr. Ofori-Atta disclosed this on PM Express Business Edition with host George Wiafe on October 19, 2023.

“It’s very important that looking at where we are as a country, everything must be done to support the private sector to help them play a critical role in the recovery of the economy”, he said.

“We have met all the interest groups from the private sector and their concerns will definitely be taken on board when it comes to the 2024 budget,” he promised.https://www.youtube.com/embed/M-4hUOw5wP8

Mr. Ofori-Atta also announced that the ministry has met all relevant stakeholders and unions.

“We have also met with the Association of Ghana Industries, Ghana Chamber of Commerce and Industry, and the Ghana Union of Traders Association, and predominately issues about taxes have been their major priority and we have to deal with it”, he said.

He stated that there will be a Mutual Prosperity Dialogue engagement with the private sector before the budget presentation.

2024 Budget Presentation

In terms of Focus, the Finance Minister also disclosed that government will be looking at how to get the private sector back “into stable” position.

 “This is because government cannot do everything, so the private sector needs to be supported to help managers of the economy, when it comes to job creation”, he added.

Ghana’s Financial Administration Act requires Parliament by December 31 of each financial year should consider and approve the Annual Budget for the ensuing financial year.

However, based on this directive, the 2024 Budget should then be presented before the end of November 2023.  This will afford Parliament enough time to scrutinize and deliberate on the budget, before the beginning of the New Year.

Finance Minister also disclosed that the 2024 Budget will be influenced by  Post COVID Programme for Economic Growht which is supported by the IMF in terms of initiatives aimed at supporting in the recovery of the economy.

“We are targeting to present the Budget to parliament by November 15 2023” the Finance Minister disclosed

Expansion of the Economy

The Finance Minister also announced that the Government will also implement programmes that will help in the expansion of the economy and sustain the recent recovery.

The Finance Minister also disclosed that the government is looking at growth hitting more than 2.5 per cent by December 2023.

“The IMF expected Ghana to do average of about 1.5 per cent, but they have already indicated that they will be reviewing that projection going forward. We believe that we are going to do better when it comes to the expansion of the economy,” he said. 

“We are committed to instituting programmes that will help sustain the numbers that we are witnessing when it comes to growth,” he added.

Mr. Ofori-Atta stated that the government will in all this, not leave out jobs especially for the youth, as it will be rolling out some new programmes to help deal with issues of jobs for the youth in the country.

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