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Mid-Year Budget: We are implementing raft of policy measures to reset economy – Government
Government has reassured that it is implementing a raft of policy measures approved by Parliament in the 2023 Budget to reset the economy.
According to a Deputy Minister of Finance, Abena Osei-Asare, the International Monetary Fund – Economic Credit Facility programme is never a panacea.
Speaking at the Deloitte Ghana 2023 Mid-Year Budget Breakfast Meeting on the theme “Positioning for Sustainable Recovery, Ghana’s Outlook Post-IMF Deal”, she said despite the relative stability the government has achieved, it is mindful of the lingering risks.
“Let me assure this gathering that these are the questions and issues that have preoccupied the attention of government and the Ministry of Finance. We have made clear the fact that the IMF-ECF programme is never a panacea. We are intent on implementing the raft of policy measures that were approved by Parliament in the 2023 Budget to rest the economy.”
On July 14, 2023, government announced the exchange of about ¢7.93 billion of securities held through the Ghana COCOBOD and about $809 million dollar-denominated domestic bonds and notes.
The Deputy Finance Minister reiterated the government’s position that these measures are to secure sustainable debt levels and move economic growth forward, adding, “We have taken this painful and difficult pathway because we know the alternative is simply unthinkable”.
Mid-Year Budget to drive stability, growth
Based on the immediate impact of the interventions of the last seven months, Mrs. Osei-Asare said the government continues to re-assess the tools and the options for economic recovery and revitalization.
“As a step forward, we intend to use the opportunity of the Mid-Year Budget to be presented next week to drive stability and growth”, she stressed.
According to her, the focus will be on revenue enhancement through both administrative and compliance measures, fiscal consolidation and structural measures that are outlined in the Post Covid-19 Programme for Economic Growth (PC-PEG) which is supported by the IMF.
She added that Ghanaians can expect the Mid-Year Review provides an update on the implementation of the 2023 Budget so far, a focus on structural reforms to address structural weaknesses and build resilience, rejuvenate the growth agenda towards a more prioritized growth strategy and safeguard social protection for the vulnerable.
“Government is aware that these interventions will be critical to the future of our country and people”, she concluded.
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
