After a nearly four-hour delay due to a standoff between the leadership of the Minority caucus and the government, the Minister of Finance, Dr. Mohammed Amin Adam, delivered the Mid-Year Budget review on Tuesday, July 23, 2024.

This review, in compliance with Section 28 of the Public Financial Management Act, 2016 (Act 921), requires the minister to present the mid-year fiscal policy review of the Budget Statement and Economic Policy of the government.

With Ghana’s economy showing signs of recovery from recent challenges, the Mid-Year Budget review provided the finance minister an opportunity to update Parliament and the nation on the progress made and highlight major upcoming policies.

Return of Road Tolls

Dr. Mohammed Amin Adam announced that the cabinet has approved the reintroduction of road tolls.

According to the minister, this decision aims to generate additional revenue for the maintenance and development of the country's road network.

"Mr. Speaker, Cabinet has approved the establishment of a framework for the reintroduction of road and bridge tolls in 2025," he said.

Economic Growth at 4.7%

The finance minister revealed that Ghana’s economy is on an upward trajectory, with a 4.7% growth in the first quarter of the year. This growth reflects the effectiveness of the government's policies in building a resilient economy.

"Our economy grew by 4.7% in the first quarter of this year, surpassing our expectations. This growth demonstrates the resilience of our economic policies and the hard work of Ghanaians," he stated during his mid-year budget review presentation to Parliament on July 23, 2024.

Third Coupon Payment for Investors in August 2024

Following the successful implementation of the Domestic Debt Exchange Program (DDEP) in 2023, Dr. Amin Adam announced progress in paying returns to investors. He confirmed that the third coupon payment would be made in August, demonstrating the government’s commitment to honoring its financial obligations.

“I am pleased to report that the Government has made substantial progress since the completion of the Domestic Debt Exchange Programme (DDEP) in September 2023.

Ghana’s Public Debt Reaches GH¢742bn

The finance minister disclosed that the country's public debt has increased from GH¢658.6bn to GH¢742bn as of June 2024, representing 70.6 percent of the Gross Domestic Product (GDP).

“This indicates an increase of 22.0 percent due to the effect of the cedi depreciation and continuous disbursements from creditors.”

“The stock consists of external debt of GH¢452.0 billion and domestic debt of GH¢290.0 billion, representing 60.9 percent and 39.1 percent of the total debt stock, respectively.

GH¢9.9 Billion Spent on Free SHS Since 2017

During the presentation, it was revealed that the government’s flagship Free SHS education program has cost over GH¢9.9 billion since its inception.

Dr. Amin Adam emphasized the government's commitment to providing free high school education to Ghanaians.

“The impact of the program is evident. To date, a total of over GH¢9.9 billion has been spent on the program and a cumulative total of 5.7 million young people have benefited from this initiative, many of whom may not have had this opportunity.

Mr. Speaker, to further support this initiative, we have established facilities under TVET to equip our youth with employable skills, enrolling 168,000 students in the 2023-2024 academic year.

Additionally, we are constructing 10 STEM schools and 10 STEM centers nationwide, and have distributed 900,000 tablets to secondary school students. We have placed a significant emphasis on quality education. The students' performance at the 2023 WASSCE is the best since 2015," he explained.