According to Finance Minister Ken Ofori-Atta, Ghana’s economy will reach GH1 trillion by 2024.
He indicated that the country’s economic worth is expected to rise from GH219.5 billion in 2016 to the record level of GH1 trillion during President Akufo-Addo’s final year in office.
Mr. Speaker, the 2024 Budget is even more noteworthy because we will cross the GH1 trillion Gross Domestic Product (GDP) milestone for the first time in our economic history,” Ofori-Atta said in a speech to parliament on Wednesday. Mr. Speaker, let me reiterate that Ghana’s economy in President Akufo-Addo’s final year in office is expected to be worth more than GH1 trillion in 2024, up from GH219.5 billion in 2016.
“Mr Speaker, with such a milestone ahead of us, the Government is protecting, at all costs, the foundation for sustained economic expansion. A foundation that has been achieved through the sweat and patience of the Ghanaian people. We pledge to protect this for all our people and especially for private sector growth. And we shall do so by ensuring that the enabling factors are in place and accessible to all.
“These will include reliable energy supply, stable Cedi, lower inflation and lower interest rate regimes, access to private sector credit, infrastructure provision, food security, national security, and inter-continental market linkages through increasing active platforms such as the AfCFTA.”
The Finance Minister also stated that the government has set aside GH220 million to assist communities in the Oti, Savannah, and Bono-East Regions impacted by the Akosombo spillage and floods.
He presented plans for the restoration phase, in which more funding from the Ministry of Agriculture will help with livelihood reconstruction.
In reaction to the crises, Ofori-Atta emphasised preventative actions, saying, “Mr Speaker, the Government has budgeted an amount of GH¢220 million to support the relief phase for the communities affected by the Akosombo spillage as well as floods upstream in the Oti, Savannah, and Bono-East Regions. For the restoration phase, the Government through the Ministry of Agriculture will allocate additional resources to support the restoration of livelihoods.
“In addition, after the visit, the Ministry of Finance was quickened to respond. We have requested funding from the World Bank under the IDA Crisis Response Window (CRW) to support the resettlement of the victims, restoration of livelihoods, compensation and reconstruction of infrastructure in the affected communities.”
