Multi-stakeholder approach key to implementation of measures in 2023 budget – KPMG

Accounting and auditing firm, KPMG is advocating for a broad consultative process with stakeholders, businesses and households to ensure that measures contained in the 2023 budget can be properly implemented.

According to Head of Advisory and Markets at the firm, Andy Akoto believes this is necessary to get unwavering support from multi-stakeholders to implement economic recovery measures spelled out in the budget read by the Finance Minister on November 24, 2022.

Addressing journalists at a seminar held on KPMG’s 2023 Budget Highlights, Andy Akoto outlined that the rising levels of debt, domestic revenue generation efforts, and credit rating downgrades are major aspects that remain key for government to address.

“With the current theme of the 2023 budget, it is important for government to take a unified approach to reach out to all other economic participants irrespective of their standing in order to get the country out of its current economic challenges,” Andy Akoto said.

“The growth targets for the 2023 budget are modest, with inflation and fiscal deficit remaining high, it has therefore become important that all hands must be on deck in order to shore up our revenues, minimize expenditures and remain innovative to expand our production base to grow revenues,” he added.

Touching on government's ongoing negotiations with the IMF, Andy Akoto said it is imperative for confidence and a sense of normalcy to be restored in the economy and among investors.

“In as much we are hoping for a deal to be reached, I agree that government can begin to put in place some options to ensure it adopts a more robust and sustainable stance to commit to the things the nation ought to undertake and government must lead the way,” he noted.

Ghana is hoping to secure $3 billion from the International Monetary Fund under an Extended Credit Facility. The deal when reached will help restore macroeconomic stability, among others.

MA