Finance Minister to present 2024 Mid-Year Budget Review on Jully 23 ..amidst positive economic signals
The Finance Minister, Dr. Mohammed Amin Adam, will present the 2024 Mid-Year Budget review on Tuesday, July 23, 2024.
This announcement was made by Frank Annoh Dompreh, the Member of Parliament for Nsawam-Adoagyiri, on Friday, July 12.
Two weeks ago, the International Monetary Fund (IMF) completed its second review of Ghana’s $3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was initially approved in May 2023.
This review marked a crucial checkpoint for Ghana, resulting in the immediate disbursement of approximately $360 million, bringing the total disbursements under the arrangement to about $1.6 billion.
The new tranche will take total IMF disbursements under the three-year bailout programme designed to help Ghana out of its worst economic crisis in a generation to $1.56 billion.
During a subsequent press conference, Dr. Amin Adam indicated that Ghana’s economy is showing strong signs of recovery.
The upcoming Mid-Year Budget review is expected to outline the government’s economic policies for the remainder of the financial year.
Ghana turned to the IMF for financial support in 2022 as its cedi currency tumbled and inflation soared amid spiralling debt-service costs following years of overspending, the COVID-19 pandemic, Russia’s invasion of Ukraine and high global interest rates.
The economy has since stabilised. Last year’s economic growth surprised at 2.9% and 2024 first quarter growth was 4.7%. Inflation slowed from a peak of more than 54% in December 2022 to 23.1% last month, but the cedi currency has continued to depreciate.
