Government cuts spending to Gh¢226.7bn – Ken Ofori-Atta

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According to Finance Minister Ken Ofori-Atta, the government has estimated spending for 2024 of around GHC226.7 billion, or 21.6% of GDP.

According to this forecast, total expenditures (commitment basis) will be 6.1% less than in 2022 compared to the previous year.

The GHC205 billion that the government plans to spend in 2023 is a 34% increase from the GHC153 billion in its 2022 budget for expenditures.

Ofori-Atta, who presented the 2024 Budget Statement in Parliament on Wednesday, November 15,
“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.”

“Public finance sustainability will be further strengthened by the potential interest rate savings from the ongoing external debt operation,” he continued.

According to Ofori-Atta, the minister, the nation’s economy has reached a historic milestone, with a projected GDP of GHC1 trillion by 2024.

“Mr. Speaker, we have achieved the first-ever economic milestone of surpassing one trillion dollars in GDP, making the 2024 Budget even more momentous.

Let me reiterate, Mr. Speaker: Ghana’s economy under President Akufo-Addo is expected to grow from the GHC219.5 billion that we inherited in 2016 to GHC1 trillion in 2024, the year of his final year in office.

Source: Ghanatodayonline.com

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