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2024 Budget will deal with issues of high taxes, rising cost of doing business – Ofori-Atta
The Finance Minister, Ken Ofori-Atta has disclosed that the 2024 budget will come out with programmes and initiatives that will deal with the high cost of doing business in the country.
He assured that the budget will also address concerns of “high and many taxes” affecting the private sector.
Mr. Ofori-Atta disclosed this on 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 also announced that the ministry has met all relevant stakeholders and 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 stated that there will be a Mutual Prosperity Dialogue engagement with the private sector before the budget presentation.
2024 Budget Presentation
In terms of Focus, the Finance Minister also disclosed that government will be looking at how to get the private sector back “into stable” position.
“This is because the 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.
Ghana’s Financial Administration Act requires Parliament should by December 31 of each financial year should consider and approve the Annual Budget for the ensuing financial year.
However, based on this directive the 2024 Budget should then be presented before the end of November 2023. This will afford parliament enough time to scrutinize and deliberate on the budget, before the beginning of the New Year.
Finance Minister also disclosed that the 2024 Budget will be influenced by the Post COVID Programme for Economic Growht which is supported by the IMF in terms of intiatives aimed at supporting the recovery of the economy .
“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.
Ghana’s Financial Administration Act requires Parliament should by December 31 of each financial year should consider and approve the Annual Budget for the ensuing financial year.
However based on this directive the 2024 Budget should then be presented before the end of November 2023. This will afford parliament enough time to scrutinize and deliberate on the budget, before the beginning of the New Year.
Finance Minister also disclosed that the 2024 Budget will be influenced by Post COVID Programme for Economic Growht which is supported the IMF in terms of intiatives aimed at supporting in the recovery of the economy .
“We are targeting to present the Budget to parliament by November 15 2023” the Finance Minister disclosed
Expansion of the Economy
The Finance Minister also announced that the Government will also implement programmes that will help in the expansion of the economy and sustain the recent recovery.
The Finance Minister also disclosed that government is looking at growth hitting more than 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 stated that the government will, in all this, not leave out jobs especially for the youth, as it will be rolling out some new programmes to help deal with issues of jobs for the youth in the country.
Source:Myjoyonline.com
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
