We’re maintaining fiscal discipline this election year to avoid overspending, assures Finance Minister

By Majesty 2 Min Read

Dr. Mohammed Amin Adam, Minister of Finance, has pledged that the government will refrain from going over budget during this election year. 

In saying this, the Minister extended an invitation to the Investor Community to help Ghana’s consistent economic recovery, particularly given that the country’s growth is exceeding forecasts. 

He mentioned that Ghana was currently making more of an effort to lower the cost of doing business by engaging stakeholders and implementing practical policies. During the ongoing 2024 African Development Bank Annual Meetings in Nairobi, Kenya, the Minister disclosed this to investors from Rand Merchant Bank during a side meeting.

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He reaffirmed Ghana’s government’s unwavering commitment to maintaining its sensible budget in order to keep spending within reasonable bounds throughout this election year. 

He mentioned that one of the reasons for this position is to fulfil a prerequisite that must be met for the nation’s participation in the IMF programme to be successful. 

As a government, we are holding the line in this election year so we don’t overspend,” he revealed. “Inflation is trending downwards from 54 percent in 2022 to 25 percent today and is expected to go to 15 percent by the end of the year.”

He claims that the government has started intentional initiatives to assist small and medium-sized businesses since they created jobs and made a substantial GDP contribution to the nation. 

He mentioned that the support channels encompassed management expertise, market prospects, digital marketing, and financial accessibility. He went on, “The growth we see calls for sustainable investment, which is why we continue to rely on your esteemed partnership.

 The Minister was accompanied by representatives from the Ministry of Finance and the Bank of Ghana, as well as Mrs. Elsie Addo Awadzi, the second deputy governor of the bank.

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