According to a source from the Finance Ministry, the Finance Minister, Ken Ofori-Atta, will present the Mid-Year Budget Review to Parliament on July 25, 2025. It has been confirmed that there will be no supplementary budget for this review. The economy has shown improvement after a turbulent period in 2022.
As per the July 2023 Summary of Economic and Financial Data by the Bank of Ghana, indicators demonstrate significant progress in the country’s economic fundamentals. The International Monetary Fund Programme played a role in stabilizing the economy, leading to the cedi’s stability against major foreign currencies, curbing rapid inflation, and decreasing lending rates.
Additionally, Ghana recorded a trade surplus of $1.77 billion in the first half of 2023.
The Mid-Year Budget Review is expected to focus on policies aimed at consolidating economic stability and fostering growth. Finance Minister Ken Ofori-Atta has expressed optimism about the gradual recovery of the Ghanaian economy, citing improved macroeconomic indicators and a path towards stability.
He acknowledged the positive impact of IMF support, enabling the country to receive three times its quota and front-loading $1.2 billion for the year.
IMF Mission Chief to Ghana, Stephane Roudet, also shared confidence in the Finance Minister and his team’s efforts to revive the economy, noting signs of stabilization in inflation, increased international reserves, and a less volatile exchange rate.
The country’s GDP growth rate of 4.2% in the first quarter of 2023 and positive developments in real GDP further support the progress.
The Finance Minister anticipates the successful completion of Ghana’s first IMF review in November 2023, leading to an additional disbursement of $600 million. Efforts to engage both official bilateral creditors and private creditors for external commercial debt relief are also underway.
Source – myjoyonline.com
