The Finance Minister, Ken Ofori-Atta, has revealed that the 2024 budget will introduce programs and initiatives aimed at tackling the elevated cost of conducting business in the country.

He also provided assurance that the budget would address concerns about excessive and numerous taxes that impact the private sector.

Mr. Ofori-Atta shared this during an appearance on the PM Express Business Edition with host George Wiafe on October 19, 2023.

“It’s very important that looking at where we are as 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.

Mr. Ofori-Atta further stated that the ministry has engaged in discussions with all relevant stakeholders and labor unions.

“We have also met with 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 mentioned that there will be a Mutual Prosperity Dialogue with the private sector before the budget presentation.

Regarding the budget's focus, the Finance Minister also revealed that the government is actively working to restore the stability of the private sector.

“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.

As per Ghana's Financial Administration Act, Parliament is required to consider and approve the Annual Budget for the upcoming financial year by December 31 of each financial year. Following this directive, the 2024 Budget should be presented by the end of November 2023. This schedule will provide sufficient time for Parliament to thoroughly examine and discuss the budget before the start of the New Year.

The Finance Minister also revealed that the 2024 Budget will be influenced by the Post-COVID Programme for Economic Growth, which is supported by the IMF. This program includes various initiatives aimed at aiding the economic recovery.

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

The Finance Minister further revealed that the government is set to implement programs designed to expand the economy and maintain the recent recovery. Additionally, he mentioned that the government is aiming for growth to surpass 2.5 percent by December 2023.

“The IMF expected Ghana to do averagely about 1.5 percent, 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 emphasized that the government is committed to addressing youth unemployment and will be introducing new programs to tackle this issue effectively.