Government to review macroeconomic targets for 2022 budget
IMF team concludes formal visit to Ghana
Information Minister, Kojo Oppong-Nkrumah has hinted that the upcoming 2022 Mid-Year Budget Review will look to roll some additional measures that will hasten Ghana’s economic recovery efforts.
The Finance Minister will on Monday July 25 deliver the mid-year budget review before lawmakers in parliament.
Ahead of the event, Kojo Oppong-Nkrumah said the minister is expected to provide an update of Ghana’s fiscal standing covering the beginning of this year till June 2022.
In an interaction with Joy Business, the Information Minister indicated the Finance Minister will also announce new measures aimed at cushioning citizens from the impacts of increasing cost of good and services and among others.
“The Finance Minister will give us the latest update, maybe up to about March 2022 or up to about June 2022 about the fiscal position of the country. That is debt, revenue, expenditure, financing, macroeconomic targets, and all that,” he is quoted by Joy Business.
“Secondly, we would hear about government economic policies. Do we want to change some of the economic policies we came to the table with at the beginning of the year?” Oppong- Nkrumah added.
He however argued the current economic conditions in the country can be attributed to global and external developments such as Russia-Ukraine tensions and the COVID-19 pandemic.
The Information Minister again argued that the economic challenges facing the country are due to the global shocks as a result of COVID-19 and the Russian-Ukraine war.
Meanwhile, persons familiar with the presentation of the 2022 Mid-Year Budget Review have hinted that the Finance Minister is seeking to review all targets relating to macroeconomic indicators as earlier announced in the 2022 budget.
He [Ken Ofori-Atta] is also expected to provide an update on government’s negotiations with the International Monetary Fund geared toward an economic support programme for Ghana.
In addition, the finance minister will offer further details of government’s plans on the US$1 billion Syndicated Loan from foreign banks before the Finance Committee grants approval for the facility.
Information Minister, Kojo Oppong-Nkrumah