2024 Budget Highlights KPMG-UNDP 2024 Budget Highlights

The global economy continues to grapple with the lingering effects of the pandemic,  geopolitical tensions and uncertainties and aggressive monetary policy tightening. These interconnected shocks have strained global financial conditions, heightened supply chain disruptions, and intensified price pressures. While global headline inflation has been decelerating, the underlying negative impact of  price pressures on cost of living remain high, and the pace of the global economic recovery has slowed, with downside risks elevated.

Sub-Saharan Africa's economic outlook remains tenuous amid an elusive growth recovery, rising instability and weak growth in the region's largest economies. All these, coupled with the lingering uncertainty in the global economy are dragging down growth prospects in the region.

Government began implementation of painful policies and programmes to restore macro economic stability following a number of economic challenges. The signs are showing that the economy has began to show signs of recovery amidst the global economic headwinds.

On Wednesday, November 15, 2023, the Minister for Finance, Hon. Ken Ofori-Atta presented the Budget Statement and Economic Policy under the theme; “Pursuing Growth & Development within a Stable Macroeconomic Environment” to Parliament on behalf of His Excellency Nana Addo-Dankwa Akufo-Addo. 

The Budget seeks to advance the path toward fiscal consolidation, macroeconomic  stability, increased growth, currency stability, and disinflation over the medium-term. The broad policy framework underpinning an approach towards recovery and stability with growth include:

• Provision of a  pathway towards fiscal consolidation and macro stability
• Setting out a new debt sustainability path by completing the Debt Restructuring Programme.
• Implementation of Government’s 5-year Growth Strategy with a focus on value addition, export promotion, domestic and foreign investments, agriculture, industry, tourism, textile & garments, and digitalisation.
• Disciplined implementation of the 3-year US$3 billion IMF-ECF Programme.
• The deepening of democratic development by prioritising resources for institutions to support the conduct of the 2024 General Elections.
• Commitment to funding existing projects in roads, rural electrification and rural telephony sectors as well as  Infrastructure for Poverty Eradication Programme (IPEP).

In addressing the need for enhanced domestic revenue mobilization, the Government has outlined a series of revenue measures in the 2024 Budget. Some of these measures have the potential of boosting local production capacity and contributing to sustainable development goals.  

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