Ghana's Finance Minister, Mr Ken Ofori-Atta, has presented the 2024 budget to Parliament, projecting the country's economy to surpass GH¢1 trillion, emphasizing a commitment to fostering private sector growth and ensuring economic stability.
Mr. Ofori-Atta outlined the government's focus on creating an environment conducive to private sector expansion, citing priorities such as a reliable energy supply, a stable cedi, lower inflation, and reduced interest rates.
He expressed the government's dedication to intercontinental market linkages, notably through platforms like the Africa Continental Free Trade Agreement (AfCFTA).
The minister unveiled tax reliefs and a five-year Growth Strategy aimed at stimulating economic growth.
The strategy targets increased private sector investments in various sectors, including agriculture, agri-business, aquaculture, trade, industry, export promotion, tourism, digitization, and technology.
Key interventions under the Growth Strategy include the second phase of the Planting for Food and Jobs (PFJ), addressing demands for onions and tomatoes, improving warehouse conditions, and supporting Premix fuel production for coastal regions.
Additionally, the Economic Enclave Projects (EEP) will assist large-scale commercial agriculture, technology adoption, and price stabilization efforts.
Operational enclaves in Kasunya, Kumawu, and Banda are expected to yield 160,000mt of rice, cultivate over 110,000 acres of land, and create 5,000 jobs by the end of 2024.
The finance minister anticipates a boost in Ghana's Non-Traditional Exports, projecting earnings to reach US$4 billion in 2023 and US$4.8 billion in 2024.
Regulatory reforms, including the Business Regulatory Reform Bill, aim to enhance regulatory transparency and create a predictable environment.
Mr Ofori-Atta emphasized Ghana's macroeconomic stability and economic recovery in 2023, citing resilient growth, declining inflation, improved fiscal and external balances, and a stabilized exchange rate.