Budget 2023 at a glance (2)
The Minister for Finance, Ken Ofori-Atta, presented the 2023 Budget to Parliament last month, setting out broad guidelines for making cuts to government spending while maintaining new infrastructure spending and social services
The Finance Minister’s 24 November 2022 presentation to Parliament of the 2023 Budget Statement and Economic Policy sounded more than just doom, gloom and despair over the global economic downturn.
Seeking a new credit facility from the International Monetary Fund, Ghana joins a long queue of nations struggling to emerge from the shadow of stagnation since the global COVID onslaught of 2020.
Also putting pressure on frontier markets have been world energy prices following Russia’s revanchism and incursion into Ukraine, setting off a chain reaction of soaring bills for oil and gas.
Finance Minister Ofori-Atta is working against the tide for a settlement with the IMF that once again allows Ghana the breathing space to invest in areas of national need that will help stimulate the economy and provide an environment in which a new generation of entrepreneurs can thrive.
That includes rehabilitation and extension of Ghana’s road network, keeping the lights on and hospitals running, collecting more taxes and maintaining the GhanaCARES/Obaatanpa programme.
Asaase offers the second part of its guide to Budget 2023 at a glance.
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