2023 budget will focus on restoring and stabilizing the economy – Finance Ministry

The Ministry of Finance has confirmed the 2023 Annual Budget and Economic Statement of Ghana will be read in Parliament on Thursday, November 24, 2022.

In a statement issued on Wednesday (November 23), the ministry indicated that Finance Minister Ken Ofori-Atta will be presenting the budget on behalf of the President, Nana Addo Dankwa Akufo-Addo.

The statement added that the budget will focus on strategies the government is putting in place to get the country out of the current economic situation.

"In accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921) the Minister for Finance will, on behalf of the President, lay before Parliament the 2023 Annual Budget Statement and Economic Policy of Government on Thursday, November 24, 2022.

“The 2023 Budget will focus on government’s strategies to restore and stabilize the macro economy, build resilience, and promote inclusive growth and value creation,” parts of the statement read.

It was also stated in the release that the minister for finance will update the country on the ongoing negotiations with the International Monetary Fund (IMF) for a bailout.

“It will feature prominent matters including providing an update on Ghana's engagement with the IMF on an IMF-supported Programme, Climate Change strategies, the YouStart initiative under the Ghana CARES Programme, year-to-date macro-fiscal performance of the economy, fiscal measures and debt management strategies to ensure debt, and fiscal sustainability and promote growth,” the statement concluded.

This statement comes after the majority caucus in Parliament rescinded their decision to boycott the 2023 Budget statement, if Minister of Finance Ken Ofori-Atta is the one to present it.

The change of heart happened after a meeting between the lawmakers and leaders of the New Patriotic Party (NPP) which was held on November 23.

A statement co-signed by Majority Chief Whip, Frank Annoh-Dompreh and NPP General Secretary Justin Kodua Frimpong read in part: "At a meeting this evening, the 22 of November 2022, involving the Majority Caucus, the Leadership of the Party and the Council of Elders, it has been agreed by all to refocus and recline to the earlier position requested by the President."

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