FULL TEXT: Finance minister's 2024 Mid-Year Budget Review.

Minister of Finance, Dr. Mohammed Amin Adam.

The Minister of Finance, Dr. Mohammed Amin Adam on Tuesday, July 23, 2024, presented the 2024 Mid-Year Budget Review to Parliament, in line with Section 28 of the Public Financial Management Act, 2016 (Act 921).

This act mandates the minister to provide a mid-year fiscal policy review of the government's budget statement and economic policy. The minister addressed various topics, including the economic and fiscal performance for the first half of the year, growth measures, revenue, expenditure performance, financing, and debt sustainability.

The presentation was particularly significant as Ghana approaches the December 7, 2024, elections, with expectations for the government to adhere to its budget. Moreover, budget reviews often carry political weight, shaping public opinion and the government's popularity based on their perceived effects on citizens' livelihoods and the overall economy.

Despite being under a three-year IMF program, Ghana continues to face economic challenges, although the government has made some progress with aspirations to strengthen these gains. For example, the local currency, the cedi, has been weakening against major trading currencies, currently trading at a rate that significantly affects the cost of living and the prices of goods and services.

Below is the full text of the mid-year budget review:

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Source: HR Forum News