According to Finance Minister Ken Ofori-Atta, the government has set a target for an overall real gross domestic product (GDP) increase of 2.8% for the upcoming year.
On Wednesday, November 15, 2023, Ofori-Atta delivered the 2024 Budget Statement to Parliament. She stated, “Overall Real GDP growth to increase from an expected 2.3% in 2023 to 2.8% and reach 5% by 2027.” This results in an average growth rate of 4.3% between 2024 and 2027.
“Non-Oil Real GDP is projected to slow down from an estimated 2.8% in 2023 to 2.1% in 2024 and pick up to 5% by 2027 giving an average growth rate of 4.1% over the 2024-2027 period.”
According to Ofori-Atta, the nation’s GDP is expected to reach GHC1 trillion by 2024.
“Mr. Speaker, we crossed the GHC1 trillion gross domestic product (GDP) mark for the first time in our economic history, making the 2024 Budget even more significant,” he stated.
“Let me reiterate, Mr. Speaker: Ghana’s economy under President Akufo-Addo is projected to be GHC1 trillion in 2024—as opposed to the GHC219.5 billion we inherited in 2016—into his final year in office.”
“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,” Ofori-Atta said.
Finance Minister Ken Ofori-Atta said, 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.