Budget review: We’re not yet out of the woods – Joe Jackson tells Finance Minister on economic challenges
Ghana is not yet out of the woods regarding the economic challenges therefore, Finance Minister Dr Mohammed Amin Adam must send a clear signal through the mid-year budget review for 2024, to the market that they will not overspend in this election year, Financial Analyst Mr Joe Jackson has said.
Mr Jackson indicated that it is important for the government to stick to its plan not to overspend.
He further stated that one of the very important pillars to will be used to evaluate the mid-year budget review to be presented today Tuesday, July 23, will be how the Cedi is going to be stabilised.
Speaking on News 360 on TV3 Monday, July 22, he said “it should be one of the very important pillars that this budget will be evaluated on, the important thing is strict to your spending limits.
“we have to help shore the honorable Minister of Finance, we have to support him and we have to state clearly that he should stick to the budget, for the pressures will come but that us why you are the minister of finance, you are there to make sure we stay within the budget, you are in charge of our finances you know how dire they are, you know that we are not out of the woods yet. Do the right thing and we will support you with every ounce that we can.”
The Finance Minister Dr. Mohammed Amin Adam, per Section 28 of the Public Financial Management Act, 2016 (Act 921), will be presenting to Parliament, the Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy of the Government of Ghana for the 2024 Financial Year today Tuesday, July 23.
A statement issued by the Finance Ministry said that the Mid-year review offers an update on the implementation of the 2024 Budget, with insights into the economic and fiscal performance for the first half of the year, including updates on growth measures, revenue, and expenditure performance, financing, debt sustainability, and related matters as well as the IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).
The document will also highlight budget implementation for the rest of the year and a possible review of proposed policies on growth with a focus on SME growth, status on implementation of key government programmes, revenue measures, and expenditure controls, and financing adjustments based on the half-year performance.
“This is the first time Dr. Amin Adam will be making a statement in Parliament since assuming office as Finance Minister in February 2024,” the statement stressed.
