According to him, the budget's focus on reducing Ghana’s dependence on imports is very critical to the country's economic recovery.
In a tweet shared on Thursday, November 24, Ahiagbah added that the focus on import substitution will lead to more jobs being created in the country and the stabilisation of the country’s currency, the Ghana Cedi.
“The 2023 budget will focus on building local capacity for export. This means more jobs, growth, and a stable cedi among others. Now let's support the government to deliver,” parts of the tweet read.’’
Government to cut imports by 45%
The finance minister, Ken Ofori-Atta, during the presentation of the 2023 budget indicated that the government will target some specific products for import substitution through support to the private sector.
According to Ofori-Atta, the targeted products form about 45% of the value of the country’s annual imports, resulting in pressure on the cedi.
“Mr. Speaker, as I have already indicated, Ghana’s heavy dependence on imports places tremendous pressure on the Cedi, creating an unfavourable balance of payments position.
“On average, Ghana’s import bill exceeds US$10 billion annually and is accounted for by a diverse range of items that include iron, steel, aluminium, sugar, rice, fish, poultry, palm oil, cement, fertilizers, pharmaceuticals, Toilet roll, toothpick, fruit juices, etc.," he said.
Other majority policies outlined by the government are as follows:
Watch the second part of Elvis Afriyie Ankrah's interview on GhanaWeb TV below:
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NPP Director of Communication, Richard Ahiagbah