Today marks a significant milestone in Ghana’s fiscal calendar as the Finance Minister, Dr. Mohammed Amin Adam, is set to deliver the 2024 Mid-Year Budget Review to Parliament.
This marks his first budget presentation since assuming office in February 2024, underscoring the importance of this event for Ghana’s economic trajectory.
The review, as mandated by Section 28 of the Public Financial Management Act, 2016 (Act 921), is a comprehensive assessment of the 2024 Budget. It will cover all key areas such as economic and fiscal performance for the first half of the year, growth measures, revenue and expenditure performance, financing, and debt sustainability, providing a complete update on the country’s financial status.
In a statement issued by the Ministry of Finance on July 22, it was highlighted that the review will also address budget implementation plans for the remainder of the year. It will feature a potential reassessment of growth-oriented policies, with a particular emphasis on fostering Small and Medium-sized Enterprise (SME) growth, bringing hope for their future. Additionally, Dr. Amin Adam is expected to report on the progress of significant government initiatives, revenue strategies, expenditure controls, and financing agreements based on the mid-year performance assessment.
Dr Amin Adam will also update Parliament on Ghana’s involvement in the $3 billion IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG) to bolster the nation’s economic recovery efforts.
The 2024 Mid-Year Budget Review is not just an event, but a crucial moment that will provide vital insights into Ghana’s economic trajectory and fiscal management strategies amid ongoing global and domestic challenges, emphasizing the urgency of the situation.
