5 key growth targets government has set for 2024
Government targets 15% inflation by 2024
The Minister of Finance, Ken Ofori-Atta, has outlined the various macroeconomic targets the government has set for the 2024 fiscal year.
Read full article He mentioned that based on the overall macroeconomic objectives and the medium-term targets, the following macroeconomic targets are set for the 2024 fiscal year:
i. Overall Real GDP growth of at least 2.8 percent; ii. non-oil real GDP growth of at least 2.1 percent; iii. End-period inflation rate of 15.0 percent; iv. Primary Balance on Commitment basis of a surplus of 0.5 percent of GDP; and v. Gross International Reserves to cover not less than 3.0 months of imports
The minister said these when he presented the 2024 budget in parliament on November 15, 2024.
As the first budget since the beginning of the country’s $3 billion International Monetary Fund, the various targets must be in line with the requirements of the programme.
The Minister said: “Inflation is expected to remain within the IMF programme’s Monetary Policy Consultation Clause (MPCC) of 29.4 percent, with a symmetric band of 4.0 percent at the end of 2023, an end-year target of 15% in 2024 and trend further down to the medium-term target band of 8±2 percent by end-December 2025.”
“A tight monetary policy stance, favourable base drifts, relative stability on the foreign exchange market, and a favourable food harvest are expected to outweigh inflationary pressures over the near term,” he said.
SSD/MA
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